Superannuation - Employee Choice
The Federal Government has introduced new Legislation effective July 1 for the employee to depart from company specified superannuation schemes and specify there own Scheme of Choice. Briefly, this applies to employees who a not part of a Federal Award and to Funds by the Federal Government.
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The procedure set-out requires the employee to advise his/her employer by the 29th July 2005 of their choice of fund, otherwise the employees fund will remain unchanged.
The Employee is allowed to make only one change per year to there fund of choice.
Effects on PowerForce
Conceptually PowerForce partially provides for the choice of fund already:
- The Company has a nominated Super Fund and is the System Default
- The Employee can accept the Companies fund or choose an alternate fund from a drop-down box
Modifications [release 5-D-2]
- Modification has been made to the Employee Fund to include an effective date of the fund. This also includes fund history.
- Modification to Superannuation Processing to gain the effective fund for the Processing Period – this will facilitate regeneration of Superannuation reports past and future
The result of this modification will position PowerForce as Employee Choice of Superannuation compliant, with the necessary functionality required to correctly record and report Superannuation Payments to Funds
Windows Changed - Personal Rates
When the user clicks on the “Company Super Fund” drop down, this opens “Change Employee Super”.
To add the employee new chosen super fund
- Click on Add button.
- Enter the effective date or select from the drop down.
- Select the new super fund from the drop down.
- Enter the Policy No.
- Enter notes (optional).
- Click Save button.
- Click exit, this will prompt you with the following message:
“Make sure that the main form is saved to record changes made to Super Fund”
- Click Save button on Personal Rates window.
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