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Stapling and Choice of Fund

Upcoming changes explained

From 1 November 2021 the rules around how you select a super fund for your employees are changing - however:

What is stapling?

The aim of 'stapling' is for every worker to have one super fund that follows them around from job to job - the idea is that they are therefore 'stapled' to this one fund. Although there are benefits to this - including fewer people with lots of funds paying multiple sets of fees - there is no guarantee that a worker will be stapled to the best-suited super fund for them.

Reasons why new employees might want to join TWUSUPER include:

How stapling works for employers

The ATO has not yet finalised details for how employers determine stapled funds for their new employees. TWUSUPER will provide detailed information on this and on how to find stapled funds in the lead up to 1 November 2021. Please bookmark this page to check back. TWUSUPER-registered employers will receive email updates about this.

The stapling process isn't likely to be automated until July 2022 at the earliest, so in the meantime the process of finding stapled funds will be quite manual - and therefore time-consuming - for employers. To find stapled funds, employees will need to go through the ATO on an employee-by-employee basis (there's no bulk solution in place for multiple employees).

That's why the simplest way to set up your new employee's super remains the same: Give them a Choice of Fund form. This way, you can bypass the stapling process altogether - provided the employee returns it to you with a complying fund selected. 

Choice of Fund

You can continue to provide a Choice of Fund form to employees from 1 November 2021. This is likely to be the least time-consuming option for your payroll department.

Employees wishing to nominate TWUSUPER as their fund will need the following details (they can also provide a pre-filled online form through the website with these details included automatically):

Default funds after 1 November 2021

Default funds will still exist under stapling, and as the industry super fund for the transport industry where all profits go to members, TWUSUPER continues to offer tailored insurance cover for workers with a dangerous occupation and strong long-term investment returns*.

The default fund system ensures that, where no stapled fund can be found and no choice has been made, there is always a compliant super fund for you to use to pay your employees superannuation. 

Make TWUSUPER your default fund

The benefits of registering with TWUSUPER

Our registered employers benefit from our on-call Account Managers who have years of experience in super - both in helping employers manage their super obligations in an ever-changing landscape and in providing complimentary financial wellness sessions and materials for your employees. 

You'll also get a quarterly email newsletter reminding your of super due dates, and we will ensure you're prepared for big changes such as stapling.

Once you're a registered employer with TWUSUPER you can also use QuickSuper** clearing house free of charge - but you can still use another clearing house if you wish.

Register now

* Investments can go up and down. Past performance is not necessarily indicative of future performance.

** The QuickSuper service is provided to you by Westpac Banking Corporation ABN 33 007 457 141 ("Westpac") at the request of TWU Nominees Pty Ltd, ABN 67 002 835 412, AFSL No 239163 as Trustee for TWUSUPER ABN 77 343 563 307 L0000246, Westpac terms and conditions apply to the QuickSuper service which you will be asked to accept. General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. You should also consider Westpac's Product Disclosure Statement (PDS). The PDS is relevant when deciding whether to acquire or hold a product.

QuickSuper is a financial product operated by Westpac Banking Corporation ABN 33 007 457 141, AFSL 233714.

The trustee is not responsible for and does not accept liability for the products and services of QuickSuper. You should use your own judgement before deciding to use QuickSuper.

The QuickSuper service and other products offered on this website are intended for use in Australia only. The products and services offered on this website are not available to individuals located in the European Economic Area.