On 30 June 2020, VicSuper and First State Super are planning to merge, creating one of Australia’s largest superannuation funds. The merged fund will manage more than $120 billion in savings on behalf of more than 1 million Australians. There will be some changes when the merger comes into effect. This guide outlines those changes, and anything that you, as an employer, need to be aware of.
The merger between VicSuper and First State Super by way of a successor fund transfer* will result in member benefits in VicSuper Fund ABN 85 977 964 496 being transferred to the VicSuper section of the First State Superannuation Scheme ABN 53 226 460 365. The trustee of the First State Superannuation Scheme is FSS Trustee Corporation ABN 11 118 202 672, AFSL 293340, and the management of VicSuper member accounts will be the responsibility of FSS Trustee Corporation after the merger. Four of our current VicSuper Directors will join the FSS Trustee Corporation board.
* Successor Fund Transfer – A transfer of members’ benefits from one super fund to another super fund (the successor fund) where the consent of the individual members is not required. Before making the transfer, the trustees of both funds need to agree that the successor fund confers on members ‘equivalent rights’, which are legally enforceable rights which may arise under governing rules, the general law, and legislation. There is no option for members to opt-out of the successor fund transfer, but members can choose to rollover to another fund.
Our USI and ABN are changing
From 1 July 2020 our Unique Superannuation Identifier (USI) and ABN will change. Please ensure you update your payroll details with the following information:
|Fund ABN||53 226 460 365|
|Fund name||First State Superannuation Scheme|
|USI – VicSuper FutureSaver||53226460365011|
|Superannuation product name||VicSuper FutureSaver|
|Trustee||FSS Trustee Corporation|
Our direct debit details remain the same
Employers who currently have a direct debit arrangement with VicSuper will have these arrangements transferred to the new trustee from 1 July 2020. The direct debit contributions you make on behalf of your employees will continue and no action is required.
We have updated our Standard Choice of Fund form. Please provide this new form to any new starters from 1 July 2020 onwards, where VicSuper FutureSaver is your nominated default fund product.
Accepting your new participating employer agreement
As a result of the merger, any participating employers with VicSuper Pty Ltd will instead become participating employers of FSS Trustee Corporation from 1 July 2020 onwards. As such, you will be bound by the First State Superannuation Scheme Trust Deed and Rules, and other relevant documentation.
Please read the following declaration, which sets out details of the new agreement.
Transfer of participating employer arrangements – declaration
As a current participating employer of VicSuper, on and from 1 July 2020, you agree that:
- you will be a participating employer of First State Super (and will no longer be a participating employer of VicSuper)
- you will be bound by the First State Superannuation Scheme Trust Deed and Rules, including all statutory obligations
- you will be bound by the VicSuper EmployersOnline Website Services Agreement
- you will be bound by the terms and conditions for use of the First State Super website
- you will be bound by the Clearing House terms and conditions with First State Super
Direct debit arrangements with VicSuper will be transferred to First State Super on 1 July 2020. The direct debit contributions you make on behalf of your employees will continue and no action is required.
Your acceptance of the above declaration and acknowledgement of the above referenced information and documents will be deemed if you continue to make employer contributions or action member contributions in accordance with applicable law from 1 July 2020.
Accepting your new participating employer agreement
When logging in to VicSuper EmployersOnline from 1 July onwards, you’ll be prompted to acknowledge your new participating employer agreement with FSS Trustee Corporation. You will need to acknowledge this agreement in order to continue accessing VicSuper EmployersOnline from 1 July onwards (for example, to make employer contributions etc).
Do you have an individual clearing house agreement with VicSuper?
If you currently have an individual clearing house agreement with VicSuper, you will still be asked to acknowledge the standard employer agreement when you log onto VicSuper EmployersOnline. While you will need to accept this agreement in order to proceed, please note that we will continue to honour your existing individual agreement going forward.
Choice of Fund contributions – processing times
Where submitting choice contributions via VicSuper EmployersOnline, we usually ask that you allow a minimum of three days for the contributions to reach their destination account. However, given that the end of financial year is such a busy time of year, we recommend that you make your final submissions for the 2019-20 financial year by close of business on Tuesday 23 June. This allows five business days for choice of fund contributions to be accepted and processed.
In this section we’ve answered some of the payroll questions that you may have. We also recommend that you contact your payroll providers to ensure that any necessary adjustments to payroll systems (if required) have been made.
I currently pay my employees’ super through VicSuper EmployersOnline, what happens after the merger?
There will be no change. Log on as you currently do to VicSuper EmployersOnline. From 1 July 2020, you will be prompted to accept your new employer agreement before proceeding
(Refer to VicSuper EmployersOnline agreement section of this update for more information).
When should I pay contributions if I want them to be in member accounts for the 2019-20 financial year?
If using VicSuper EmployersOnline for your SuperStream data and payments, we recommend submitting by 3.30pm on Tuesday 23 June 2020. If you use an external clearing house, the data and payment contributions need to reach VicSuper by 30 June 2020 to be reflected in the 2019-20 financial year. Please check with your provider.
Will there be a change to my employees’ VicSuper member numbers?
No, existing members of VicSuper prior to the merger will retain their existing active member number. You can log on to VicSuper EmployersOnline to find your employees’ member numbers, once they’ve received a payment from you.
What if I don’t update the new USI number in my payroll files?From 1 July 2020, contribution data files must include our new USI in order for you to submit employee super payments, either via SuperStream using VicSuper EmployersOnline or via your external clearing house service. If you do not update the USI number in your payroll files, you will not be able to submit data files via VicSuper EmployersOnline or via your external clearing house service.
How do I update VicSuper USI and ABN in my payroll system?
You may need to contact your payroll provider or internal support services to update your payroll system. From 1 July 2020, any super contributions you pay to VicSuper FutureSaver on behalf of your employees must use the new details (Refer to the new USI and ABN).
What do I need to tell new employees that commence after the merger?
Speak to your friendly account consultant on 1300 878 737 (1300 VSUPER)