What advice can I give to employees?
Employees may ask you for advice as to which super fund they should join.
As an employer you can provide factual information in relation to superannuation, such as:
- your liability to pay superannuation contributions for an employee under an award or the Superannuation Guarantee (Administration) Act 1992 (SGA Act)
- your employees’ rights and your obligations as an employer under the Choice of Fund arrangements in the SGA Act
- existing arrangements in relation to where employer superannuation contributions are paid
- how superannuation operates in a general sense (including, for example, Cbus’ obligation to provide statements to members or a member's right to make complaints to Cbus) or
- the general tax treatment of superannuation.
Where employees request more information about superannuation, including issues such as investment performance and fees, employers must refer their employees to Cbus. Anyone providing financial advice is generally required by law to be licensed by the Australian Securities and Investments Commission (ASIC).