Take BUSSQ with you when you change jobs.
Most people end up with a new super account when they change jobs, as they don’t tell their employer where they want their super paid into. This means they end up with super paid into their employer’s default super fund. Change jobs a few times, and you could end up with lots of super accounts scattered across many super funds.
Make your life easy and choose BUSSQ for life.
Then every time you change jobs you can advise your employer to pay your super into your BUSSQ account. It can be stressful enough changing jobs, so keep it simple with BUSSQ!
Benefits of having all your super in your BUSSQ account:
- Save – as you’ll reduce paying multiple sets of super account fees
- Ease – with all your super in one place it’s easy to manage and keep track of, and
- Personalised service – get assistance when you need it to manage your super.
Keep track of your super with BUSSQ
It can be risky having multiple super accounts scattered across many super funds, as it can increase your chances of your super becoming lost. There is about $18.1 billion dollars of lost super in Australia with the ATO. If your super fund loses contact with you, they may also have to send your super to the ATO as lost super. You work hard for your super, so roll it all into one place to keep track of it. BUSSQ can help you search for lost super.
Did you know – you can choose where you want your super paid.
Choice of superannuation fund is a law that gives many employees the right to choose where they want their employer super contributions paid into. Generally, most employees can choose which super fund receives their future superannuation contributions, unless:
- Your super contributions are made under a certified agreement
- Your super contributions are made under a state award and your employer is a partnership or sole trader, or
- You are in a defined benefit fund.
In some cases public servants and individuals working for government agencies may not need to be offered choice of superannuation fund.
What employers need, to make a super payment?
When you start to work for your employer they must provide you with a Standard Choice form within 28 days. If the employer's default superannuation fund shown on the form is the super fund that you want your superannuation contributions paid into, you don't need to do anything, your employer will make contributions to that super fund for you.
However, if you want to choose a different super fund like BUSSQ, you should provide your employer with the following information within your first 28 days:
- The superannuation fund's full name and contact details
- The superannuation fund's Australian business number (if it has one)
- Your super fund's membership details
- A statement, provided by or on behalf of the trustee that the fund is able to accept superannuation contributions from your employer, and
- The method of payment your employer can use to make super contributions to your chosen super fund.
BUSSQ makes it easy!
You can provide all this information to your employer using the Employer Compliance Letter and Standard Choice form which includes all the BUSSQ details. If you need help selecting BUSSQ as your chosen industry super fund, or your employer needs help joining, call us on 1800 MY BUSSQ (1800 692 877).
If you do not provide all the information required, your employer can continue to pay your super contributions to their default super fund.
Need some help – BUSSQ offers you financial advice
If you need to talk to someone before taking action, call us and ask to speak to one of our financial planners. They can compare super funds for you and assist you with advice on which fund is right for you. This type of advice is called complex advice.
Our fee for complex advice is very competitively priced at $150 per hour which includes GST. It is expected that to compare super funds advice could cost between $75 and $150 depending on the complexity and time required by the financial planners. The cost is very low and structured purely for cost recovery. Fees can be deducted from your super account too, so you won’t be out of pocket.
Getting advice is a great way to make sure you’ve got your super working as hard as you do.
We can also assist you with general advice and things to consider when choosing super funds at no extra cost*. Plus we can assist your employer to JOIN BUSSQ too.
You should make sure you’re comfortable with your decision before you act. Some other super funds have exit fees, and may contain insurance cover which could be lost when you roll over your super. It is possible to transfer some insurance benefits across to BUSSQ to ensure you have continued cover - so consider asking about it.
For more information or to speak to a financial planner, call us on 1800 MY BUSSQ (1800 692 877).
*BUSSQ offers members personal limited financial advice about their super including: choosing insurance, choosing investments and contributions, at no extra cost as it is included in the fund’s administration fees. This advice is offered over the phone. BUSSQ also offers members and non-members more complex financial advice on a fee for service basis. This advice can be done in person or over the phone. Non BUSSQ members who receive advice will need to be billed for the advice separately. See more information on BUSSQ's financial advice.