Extra half million access super choice
An additional 500,000 individuals will be entitled to take part in the super choice regime, as regulatory changes give former state employees the right to move their superannuation savings from their existing scheme to one of their personal choice.
The Workplace Relations Amendment (Work Choices) (Consequential Amendments) Regulations 2006 will result in amendments to the superannuation guarantee legislation, making super choice an option for a larger group of Australian workers.
Those affected will include employees who were previously employed under a State Award, but who are now employed by a corporation.
The legislative change has resulted in the notional agreements that preserved State Awards now falling under the jurisdiction of the Federal workplace relations system.
Federal Minister for Revenue and Assistant Treasurer Peter Dutton said: “The Government is committed to providing Australian workers with choice.
“We want to allow as many employees as possible to be able to choose a fund that suits their needs.”
All employers affected by the change will be required to issue employees with a standard choice form on or after July 1, 2006.
Organisations unsure whether the legislative change affects their workforce can get further information from the Government’s WorkChoices Department online at www.workchoices.gov.au.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
