For Funds

A Superannuation Contribution Processing Service
to Lower Administration Costs

Benefits for Employers
How Does it Work
Fund Benefits
Service Features
Clients

SuperChoice is an online clearing house and comprehensive superannuation contribution processing system. The service collects and checks superannuation payments from employers and processes it straight-through to your funds administration system.

The service reduces the possibility of receiving poor quality information from employers by moving the fund's business and validation rule to the point of data entry. The service helps employers recognise any problems before they transmit payments.

Fund member amendments are supported including new members, exiting members and member changes. Choice transactions are processed at a fraction of the cost than handling contribution schedules and cheques manually.

Inefficient and manual processes not only have substantial administration costs, but also can affect your reputation and ability to gain new business.

The service is on track to handle nearly 20 million default and choice contributions made by over 50,000 employers on behalf of 1.75 million employees in 2010. This represents around 20% of all employer superannuation contributions made Australia-wide.

Benefits for Employers

Operating as an online clearing service for the industry, SuperChoice takes a single contribution file or schedule from your employer and transfers the contributions and funds.

Employers are reassured that their compliance obligations are better satisfied and their employees monies are promptly allocated. The employer gets a simple, single system for all contributions.

By simplifying the employer superannuation remittance process, funds benefit from:

Strengthened employer relationships
Lower operational costs
Reduction of errors
Elimination of paperwork

Employer's want a reliable, secure electronic superannuation payment process that reduces errors, supports compliance obligations easily

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How Does it Work?

SuperChoice is a "white-label", fully hosted, online application that is branded to match the look-and-feel of the fund and can be fully integrated into your web infrastructure.

Employers connect through a secure web connection. The SuperChoice Payroll Wizard makes it easy for fund administrators to configure a new payroll file for an employer in minutes - providing the ultimate in flexibility and customer responsiveness.

All contribution types and fund structures are supported. SuperChoice can be configured to handle any type of pension or superannuation fund. Full choice-of-fund support means that employers can meet their statutory requirements to pay contributions to any superannuation fund with a single payment.

The SuperChoice electronic clearing service automatically handles the splitting and transmission of information and payments to any superannuation fund in Australia, including Self Managed Super Funds (SMSF's).

SuperChoice supports a highly configurable straight through process (STP) engine for interfacing with fund administrators back-office systems. Any file format, security protocol or interface standard can be supported.

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Fund Benefits

Reduces errors and exceptions by better data capture control
Reduce costs by eliminating paper handling
Increased Straight-Through-Processing (STP)
Increase customer service by reducing processing times, errors and providing confirmations
Secure TFN capture and remittance
Employer and member data validation
Differentiate your fund and build employer loyalty by offering market leading functionality
Go to market quickly with flexible ready to go solution
Never need to manage IT infrastructure
Guaranteed service levels

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