Fund Selection: your super, your choice27 May 2021
Eligible South Australian public sector workers will be able to choose their preferred superannuation fund under new laws that have passed State Parliament.
Fund Selection and Limited Public Offer
Most Super SA members, as well as new public sector employees, will be given the option to choose a superannuation fund that suits their personal needs, under new laws that have passed State Parliament.
For many years, membership of the state’s Triple S superannuation scheme administered through Super SA has been mandatory for public servants.
This change in legislation strongly aligns to our commitment to always work in members’ best interests.
In addition to Fund Selection, we will also provide a Limited Public Offer (LPO) to our existing members. This will enable eligible Super SA members who also work outside the SA Government to direct all their SG employer contributions to our taxed fund, Super SA Select.
Eligible members with multiple employers both within SA Government and outside of SA Government will be able to have all their super in one place. Super SA will be able to accept employer contributions from non-Government employers.
Preserved Triple S members will be able to re-activate their Super SA membership and have contributions relating to non-SA Government employment paid into Super SA Select.
Special arrangements have been made for Emergency Services groups such as police and ambulance officers to ensure their compulsory contributions and mandatory levels of insurance are maintained.
Eligible members will also have the ability to transfer existing accumulated account balances via portability to other complying funds.
While legislation has been passed, supporting regulations and trust deed amendments will need to be drafted and made and there are a number of administrative and system changes to be completed before these changes can commence. We expect to bring Fund Selection into effect during 2022.
Click here to read the Treasurer’s press release.
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