How to pay super to Acquire Retirement Service - Superannuation

Staying Super Compliant

Ensure you have met your compliance obligations regarding super choice legislation. If your employee has chosen IOOF Super as their super fund, you need to start making payments into their chosen fund within 2 months of receiving their choice.

You need to ensure you have given them a choice of super fund (if the employee is eligible to make a selection, some awards & industries do not require a choice). Most do tho, so if you haven't given your employee a super choice form, ensure you have met your obligations.

Acquire Retirement Service - Superannuation

If your employee has chosen IOOF Super here are steps to follow. Every employers situation may differ, so ensure you understand your sitation as their may be specific steps you need to take.

The information provided here is generic in nature, and shouldn't relied upon as advice. You will need to speak to a professional to determine if you have met your obligations for compliance requirements.

Super Setup Tips:

  • Payroll: Ensure you have updated your employees payroll information to include their super choice selection
  • Member Number: Each employee will be designated a member number by their super fund. You will need this number to make payments
  • Choice Form: Your need to sign the choice form you receive from the employee as a confirmation that you have received it. From the date of signing this form you have two months to start making payments to their chosen fund.
  • Copy the Choice Form: You must keep a copy of the choice form you received from the employee for a period of 7 years. This becomes important evidence that you have met your superannuation obligations. Ensure you keep this copy of a same place, ensure it is encrypted (as it contains private information) & stored in a manner which is not susceptible to damage due to fire or theft. Keeping an encrypted off-site back up is a good idea!
  • Annual Choice: To stay compliant you should consider providing your employees with an annual super choice form. This ensure you have not restricted their super choice decision.

Employee Member Number

An employee will receive a member number from their super fund. Not all super funds process member numbers in the same manner, so this process can be confusing. You will require the employees member number for making payment, in some cases. In some cases you will need a make a payment first, after which stage the super fund will provide you with a member number for the employee.

In some case the employee will receive a member number in the mail (or via email) after they sign up with the superfund. If this is the case, your employee can provide you with their member number after they receive it.