Commonwealth Consolidated Acts Commonwealth Consolidated ActsSpecified superannuation fund offering standard MySuper product
(1) A default fund term of a modern award must require an employer covered by the award to make contributions, for the benefit of a default fund employee, to a superannuation fund that:
(a) offers a standard MySuper product; and
(b) is specified in the default fund term of the award in relation to that product;
(c) the employer will be liable to pay superannuation guarantee charge under the Superannuation Guarantee Charge Act 1992 in relation to the employee if the employer does not make contributions to a superannuation fund for the benefit of the employee; and
(d) the employer is not making contributions to a superannuation fund referred to in subsection (1A), (2), (3), (4) or (5) for the benefit of the employee.
Note: If a superannuation fund is specified in the default fund term of a modern award in relation to a standard MySuper product and, in addition to offering the standard MySuper product, the fund offers a tailored MySuper product that a default fund employee is entitled to hold, then any contributions made by the employer to the fund for the benefit of that employee will be paid into the tailored MySuper product instead of the standard MySuper product (see section 29WB of the Superannuation Industry (Supervision) Act 1993 ).
Superannuation funds offering employer MySuper products on the schedule
(1A) A default fund term of a modern award must permit an employer covered by the award to make contributions, for the benefit of a default fund employee, to a superannuation fund that offers an employer MySuper product that:
(a) relates to the employer; and
(b) is on the Schedule of Approved Employer MySuper Products.
Note: The Schedule of Approved Employer MySuper Products is made during a 4 yearly review of default fund terms of modern awards under Division 4A of Part 2 - 3.
Defined Benefits Scheme
(2) A default fund term of a modern award must permit an employer covered by the award to make contributions, for the benefit of a default fund employee, to a superannuation fund in relation to which a default fund employee is a defined benefit member.
Exempt public sector superannuation scheme
(3) A default fund term of a modern award must permit an employer covered by the award to make contributions, for the benefit of a default fund employee, to a superannuation fund that is an exempt public sector superannuation scheme.
State public sector superannuation scheme
(4) A default fund term of a modern award must permit an employer covered by the award to make contributions, for the benefit of a default fund employee, to a superannuation fund that:
(a) is a public sector superannuation scheme (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); and
(b) a law of a State requires the employer to make contributions to for the benefit of the employee.
Transitionally authorised superannuation fund
(5) A default fund term of a modern award must permit an
employer covered by the award to make contributions, for the benefit of a
default fund employee, to a superannuation fund in relation to which a
transitional authorisation is in operation under section 156K.