Choosing the right superannuation fund will be one of the most important decisions you’ll make about your retirement income.

Not only will your employer make super contributions into your fund of choice, but your own voluntary contributions go into your account as well. So it’s vital that you have the right fund for your needs.

In most cases, you can choose the super fund that you want compulsory contributions to be paid into.

There are different types of super funds, but they can generally be divided into three groups:

• Industry super funds are run only to profit members 
• Corporate funds are managed by the employer or company
• Commercial or retail super funds are generally offered and run by banks or insurance companies.

Research and choose

When selecting a superannuation fund, it’s important to ensure you choose one that meets your needs. Things to consider include:

• Whether the fund has a history of good net investment returns
• The administration and investment fees charged
• Whether the fund offers a range of investment options
• The cost of death, total and permanent disability and income protection insurance cover it offers
• The availability of affordable advice to help you make decisions about your super

Joining the fund

Once you’ve decided which fund is for you, you’ll need to apply to become a member of the fund. Each fund has its own method of joining up. These days most superannuation funds make it easy for you to join by completing an online application form.

For some you’ll have to print out and complete the form and send it back to the fund. A few days after submitting your application, you should receive a letter from your fund giving you your account number and name, as well as details about your fund which will be required by your employer.

Telling your employer

As soon as you receive your membership details, make sure you tell your employer so that they can pay your super into the right fund. All you need to do is:

• Fill out our Choice of Superannuation Fund form online if you have chosen an Industry SuperFund; OR
• Download and print out the Australian Taxation Office's (ATO) Standard Choice Form

Give the form to your employer. Do not send it to your super fund or the ATO.

The Choice of Superannuation Fund form will have all the fund details auto-populated if you choose an Industry SuperFund, so it’s very simple to complete. The ATO's Standard Choice Form requires you to complete additional details such as your superannuation fund’s ABN and product identification number (SPIN) which should be in the welcome pack your fund sends you, but these details can also usually be found on the your fund’s website.