On 1 July 2005, the Federal Government introduced the Superannuation Choice of Funds legislation, which allows eligible employees to choose an eligible superannuation fund into which their employer Superannuation Guarantee (SG) contributions are paid.

Choice of Fund was introduced to provide employees with the freedom to select their own superannuation fund and encourage them to take control of, what for many will be, their biggest source of retirement savings.

Under Choice of Fund, you can do one of two things:

• Do nothing. This means you will remain in the super fund your employer has chosen for its employees (called the nominated default super fund).

• Choose an alternative super fund into which your employer will need to commence paying Superannuation Guarantee contributions. To make this choice, you will need to complete a 'Standard Choice form', which your employer will be able to provide.

The legislation only applies to those making or receiving Superannuation Guarantee contributions after 1 July 2005 and does not affect contributions paid before this time, existing super account balances or other super contributions. Choice of Fund applies to your ongoing Superannuation Guarantee payments, so please consult your existing super provider or a financial planner at Intellichoice on 1300 55 10 45 should you wish to roll over your existing super benefits into your chosen super fund.