Superannuation for employees and employers

Information for employees

ASIC’s Moneysmart website helps consumers take steps to improve their personal finances. It provides free, independent guidance including superannuation and retirement calculators for consumers.

The Australian Taxation Office (ATO) also has useful information for individuals about super. This includes the YourSuper comparison tool, a simple way to compare MySuper products and help you choose a super fund that meets your needs.

Information for employers

Communicating with employees about choice of superannuation fund: What you can and cannot do

ASIC’s Information Sheet 89 Communicating with employees about choice of superannuation fund: What you can and cannot do (INFO 89) provides general guidance on how employers can communicate with employees about super choices without breaking the law, and what employers should avoid saying or doing.

For more information see Media Release (21-272MR) ASIC releases updated information about the distribution of superannuation products (15 October 2021).

Prohibition of employer inducements

ASIC has issued guidance to trustees that using improper inducements to influence employers in their choice of default fund is illegal. For more information see:

• Information Sheet 241 Prohibition on influencing employers’ superannuation fund choice: section 68A of the SIS Act (INFO 241)
• Media Release (21-272MR) ASIC releases updated information about the distribution of superannuation products (15 October 2021)
• Media Release (19-198MR) Trustees warned about influencing employers through improper inducements (31 July 2019).

The ATO and business.gov.au both have useful information about super for employers.