Eligible South Australian public sector workers, including nurses and teachers, will be able to choose their preferred superannuation fund under new laws that have passed State Parliament.
For many years, membership of the state’s Triple S superannuation scheme administered through Super SA has been mandatory for public servants – in direct contrast to the freedom of choice granted for private sector employees.
Treasurer Rob Lucas welcomed the passing of the Government’s Statutes Amendment (Fund Selection and Other Superannuation Matters) Bill 2020, which has been supported by key public sector unions.
“We are pleased to be able to further support our public sector workers by giving them the ability to choose a super fund that suits their individual circumstances and needs,” said Mr Lucas.
“This legislation brings Super SA in line with Commonwealth choice of fund super laws, and confirms the provider’s commitment to always work in members’ best interests.”
Special arrangements have been made for Emergency Services groups such as police and ambulance officers to ensure continuity of their Triple S insurance.
Mr Lucas said that, in addition to fund selection, Super SA will provide a Limited Public Offer (LPO) to enable private sector employer contributions of eligible Super SA members to be directed to the Government’s taxed fund, Super SA Select.
“Limited Public Offer is another first for our public sector workforce to help better serve the fund’s loyal members,” he said.
“We know that many public sector employees, especially those working in front line roles in health and education, currently need dual super memberships to accept super contributions relating to both their public and private sector employment.
“LPO will help simplify super by providing these members the opportunity to direct their private employment contributions into Super SA Select and consolidate their super.
“It will also provide Super SA’s preserved Triple S members, who are no longer working in the public sector, the ability to re-activate their Super SA membership and have contributions relating to private sector employment paid into Super SA Select.”
Super SA will begin the administrative and system changes to bring fund selection into effect for members in the first half of next year.