Here’s what happens to your super when you change jobs
Spoiler. Nothing. It’s up to you to make sure your new employer has the correct information to start making super contributions.
There’s already a whole lot to think about when you land a new job. From giving notice to your current employer to nailing the first impression and, of course, ranking your new coffee spots in order of deliciousness. What we’re getting at is: sorting your super isn’t always front of mind when you change jobs.
Read on for a handy checklist of things to know and steps to take to make sure your super is in order when you change jobs.
Most of us change jobs a few times during our careers, so even if this doesn’t apply to you right now, it’s worth bookmarking it for later!
Check your previous employer was paying your super contributions
You can do this by either:
- Logging in to your super account to view the individual transactions to your super fund.
- Logging in to ATO (Australian Tax Office) and following links to the Super section.
Get your paperwork together for your new employer
If you want your super to be paid to a specific super fund, you’ll need to tell your employer. If you don’t share your preferred super fund details with your employer, your super could be automatically paid to an old account in your name* or a default account that your employer has set up on your behalf.
* From 1 November 2021, if you don’t tell your employer where you’d like your super paid, your employer is required to check with the ATO to see if you have an existing super account – known as a ‘stapled super fund’ – which has previously received contributions on your behalf. If the ATO reports to your employer that you have a super fund ‘stapled’ to your name, your employer is required to pay your super contributions to that fund.
So if you know where you’d like your super to go, be proactive and let your employer know. Your employer may ask for a few forms when you join:
- A general compliance certificate: proof that the fund you’re requesting is a legitimate super fund that can accept contributions. Sometimes your employer wants to see this detail before agreeing to pay your contributions to your preferred fund.
- A standard choice form: your employer may ask you to complete this form if you change super fund while in employment.
To make the process even easier, we’ve created a pre-filled Standard Choice Form for Verve members.
Find out how frequently your new employer will be paying super contributions
Although your super contributions appear on your payslip, your employer isn’t required to pay them to your super fund at that time. Employers are required to pay super to your fund quarterly as a minimum, although they may choose to pay it more frequently. You can ask your employer or payroll department for the dates they use.
Check on it!
Once you know how often your employer will be paying your super, it’s worth checking in to make sure it’s actually getting there – especially if you’ve just started at a new job or have recently changed super funds. It can help to pop a regular reminder in your calendar and check your super is coming into your account.
And if your super is not where you think it should be, follow up with your employer and/or your super fund. You can find more info about what to do if your employer isn’t paying super here.
And if you want to supercharge your super, now that you’ve got the new job, find the 7 Steps to Superwoman Status here.
Have other questions? You can speak to your super fund directly or contact the ATO if you believe your employer(s) aren’t adhering to the laws.
Verve members can contact us right here.
PS. Congrats on landing a new job – we love to see it!
This blog is published by Verve Superannuation Pty Ltd (ABN 65 628 675 169, AFS Representative No. 001268903), which is a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956, AFSL 238184), as the Sub-Promoter of Verve Super.
Verve Superannuation Pty Ltd and True Oak Investments Ltd are not licensed to provide personal financial advice. The information contained in this blog, including any financial guidance, is general in nature. You should consider seeking independent legal, financial, taxation or other advice to ensure that your financial decisions are suited to your unique circumstances.
You should read the Product Disclosure Statement, Additional Information Booklet, Insurance Guide, Target Market Determination and Financial Services Guide before making a decision to acquire, hold or continue to hold an interest in Verve Super. When considering financial returns, past performance is not indicative of future performance.