employee benefit checklist

Business Superannuation an employee benefit – and an inducement to stay if managed effectively: at least for those falling into the defined category of employee. Whilst there is a legal obligation to provide superannuation for those employees, business superannuation can be made an employee benefit that will translate into staff retention and lower overall employment costs.

Business-sponsored employee superannuation

Employers are faced with a statutory obligation to make superannuation guarantee payments (under defined circumstances) on behalf of their employees. In some cases there is a requirement to select a fund ‘approved’ under one of the Modern Awards or an enterprise bargaining agreement, but where there is the right to make a free choice as an employer seeking to do the best thing for their employees in meeting that statutory obligation an employer has a couple of options. Some opt to provide an employer-sponsored (and managed) corporate solution – although this is becoming less popular with the SME employers; others take a ‘retail’ public-offer solution.

Whichever decision they make in this regard, they need to ensure that they offer ‘choice of fund’ facilities to their employees, but also any ‘default’ fund offering needs to be complying with all relevant legislation and regulations (including offering MySuper accounts with appropriate insurance protection opportunities available to the members). They should also be researched and found appropriate to the needs of the members.

A retail public-offer business superannuation solution with benefits for employees

Continuum Financial Planners Pty Ltd can facilitate a compliant solution to this dilemma for employers. By establishing a business superannuation engagement with our firm, employers can provide a compliant superannuation arrangement for their employees that simultaneously facilitates access to education about financial matters for their employees. Under terms agreed with the employer, employees can access professional financial planning advice from our team that will be recognised as added value to the employment arrangements.

We facilitate this solution through BT Financial Group’s employee superannuation offerings (badged under Asgard Wealth Management, or BT Super for Life superannuation accounts); public offer accounts that features benefits, including:

  • Low relative cost in the market
  • Provided through an award-winning platform
  • Offered with flexible investment choices
  • Spouse and family member accounts allowed
  • Automatic payments of anti-detriment benefits to surviving beneficiaries (where applicable)
  • Insurance options that can be ‘automatically accepted’ within defined categories
  • Financial planning/investment market education
  • Access to cost-advantaged financial advice
  • Information about their superannuation account online, 24/7

Convenient online administration available for employers

Employers who want to provide such a service, in full compliance with their obligations under the Superannuation Guarantee laws, can access the service knowing that:

  • The account can be administered online (including superannuation guarantee payment contributions)
  • New employees added
  • Former employees removed
  • Employee information updated
  • Policy committee reports (where required) are available at least annually
  • Super Choice to minority external funds using the ‘Clearing House’ facility’.

How can you access this employee benefit for your business?

If this type of offering appeals to you as a solution to meeting your super guarantee payment obligations (and if the added benefit of access to education and financial advice for your staff would help with employee retention and satisfaction concerns), please contact our office (on  07-34213456) or use our online CONTACT US facility, to obtain further information and arrange a meeting to see how these opportunities can be made available to you and to your staff.

Originally posted in October 2012, this article has been occasionally updated and refreshed, most recently during February 2020.