As an employer, it’s not uncommon for staff to come to you for advice about what they should do with their super.
Providing some basic education for your employees on saving for their future can play a huge role in helping them to achieve their retirement dreams.
But unless you’re licensed by the Australian Securities & Investments Commission to give financial advice, responding appropriately can pose a huge challenge.
What should you steer clear of?
Providing factual information is generally acceptable, however you should avoid offering advice on the following:
- how should I invest my super?
- how much should I be contributing?
- should I make before or after tax contributions?
- how much insurance do I need?
- what super fund should I choose?
- should I focus on paying down my mortgage or topping up my super?
What information can you give your employees?
Information you can give without getting into dicey territory includes:
- your business' default super fund
- how much money goes into your employees’ super
- how super is paid
- how your employees can add more to their super.
Where can you get general information from?
The Australian Taxation Office (ATO) website offers general information which you can share with your employees including how to search for lost super. The MoneySmart website is also a great place for information on super and other financial matters.
Encouraging engagement with super
You can also generate employees’ interest in super by:
- directing them to information on choices around insurance and super contributions
- directing them to fact sheets on making extra contributions
- referring them to interactive tools and calculators such as MoneySmart’s Retirement planner
- referring them to your default fund for answers on more complex questions.
What about financial planning?
When in doubt, directing your employees to a qualified financial planner can be the safest option. Tasplan financial planners can help with:
- investment strategies
- transition to retirement
- investment outside of super
For a referral to a Tasplan financial planner1, members can call us on 1800 005 166.
How can we help you?
Our website has lots of information on Tasplan and super including:
- how to boost super
- how to withdraw super
- what insurance is available through super
- investment options
- how to book a workplace visit.
If you need more information, contact us or call us on 1800 005 166.
1Quadrant First Pty Ltd (ABN 78 102 167 877, AFS Licence No. 284443) is a wholly owned subsidiary of Tasplan Pty Ltd and operates as a separate legal entity.
This article contains information or advice that is intended to be general in nature and which was prepared without taking into account your personal objectives, financial situation or needs. Because of that, before acting on any information or advice in this article, please consider whether it is appropriate to your personal circumstances, talk to a financial planner and consider the relevant Member guide, available at www.tasplan.com.au or by calling 1800 005 166, before making a decision about whether to acquire the products.
The trustee of Tasplan Super (ABN 14 602 032 302) is Tasplan Pty Ltd (ABN 13 009 563 062). AFSL 235391.