How to make sure USI information is kept up to date

From time to time, a super fund’s Unique Superannuation Identifier (USI) may change as a result of a merger or other system change.

To avoid any potential contribution issues arising from inaccurate fund information, it’s a good idea for employers to stay up to date with industry developments and be proactive in discussions with your employees.

Outdated fund details can impact members and employers by:

• Delaying super contributions

  An invalid USI can present issues for payroll when submitting contributions in Employer Online, as contributions without the correct USI are unable to be loaded. This can affect contributions not only for that employee but for the whole agency, which may mean the employer doesn’t meet their obligations under the Superannuation Guarantee legislation

• Impacting the members’ investment performance

  If your employee fails to provide new details, it could result in ongoing contribution delays which could impact their investment performance

• Risking insurance being changed or cancelled

  Ongoing issues with non-receipt of contributions could trigger cancellation or modification of your employees’ insurance cover

We recommend you:

• Read and absorb all communications sent to employers about changes to USIs
• Start a conversation with your affected staff member(s) about obtaining their funds’ new USI, if there is an upcoming change
• Get in touch with the fund if you have specific questions

Please contact your Key Account Manager for further information and support.