If you`ve previously been locked into a pension fund with your employer as part of a company agreement, it`s time to get some advice on whether this super-fund is best for you. The national secretary of the Transport Workers` Union, Michael Kaine, however, argued that workers had a “collective choice” on the means by participating in negotiations and voting for the company agreement. A new law that gives Superannuation Choice to more than 800,000 additional employees was passed this week by the government to remove restrictions that forced them into an employer-driven superfund. But there`s a catch: the changes are not retroactive and only apply to new agreements reached after January 1, 2021. Most modern rewards contain a pension clause that requires an employer to make sufficient pension contributions to a pension fund for the benefit of a worker, in order to prevent the employer from having to pay statutory pension rights. Note that pension funds that offer a standard MySuper product are invited to apply to the Commission for the product to be included in the list of standard pensions. Applications must be submitted to the Commission by Monday, April 28, 2014. For more information about the pension guarantee, including what is considered a normal hourly wage, visit the ATO website or contact the ATO at 13 10 20. Some premiums, company agreements and other registered agreements have additional conditions for superannuation. These conditions apply in addition to the pension guarantee. Restrictions on company agreements force nearly 14,000 workers to use, according to new data, the weakest pension funds in the industry. In accordance with the explanatory memorandum, each employee may choose their own superfund (including an SMSF) in which they are employed under an employment provision or company agreement entered into on or after 1 July 2020 (this date has been changed to 1 January 2021).
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