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What is a USI?
A USI is a number that is used to identify different super funds and specific superannuation fund products. You may be asked to provide a USI when you are changing super funds and transferring some or all of your super balance between funds.
You’ll also usually need to provide it if you are changing jobs and want to stay with your current super fund. However, this may no longer be required once the government’s super ‘stapling’ rule comes into effect from July 2021. Under these changes, workers will automatically keep their super fund when they change jobs.
USI numbers were introduced in July 2014. The USI is used in the ‘SuperStream’ system. This is the system that businesses must use to pay employees’ super contributions.
Previously, super funds may have used either an Australian Business Number (ABN), Superannuation Product Identifier Number (SPIN), or a Superannuation Fund Number (SFN). The USI has now replaced all of these for APRA-regulated super funds, however, some Self-Managed Super funds (SMSFs) may still have an ABN.
How do I find my super fund’s USI?
The USI can often be found on your annual super statement or super fund’s website. It is typically provided in the super funds’ Letter of Compliance or in its Frequently Asked Questions (FAQs). A super fund may have only one USI or it may have a USI for each super product.
You can also find your fund’s USI through the Australian Taxation Office (ATO)’s USI and SPIN Lookup Table.
The ATO’s table lists the following information:
- Fund ABN
- Fund name
- USI
- SPIN
- Product name
- Contribution restrictions.
Do I have a USI for my self-managed super fund (SMSF)?
SMSFs do not have a USI as they are not regulated by APRA. Instead, to use SuperStream you will need the SMSF’s ABN, bank account details and electronic service address to make SuperStream contributions.
Compare super funds with Canstar
If you are thinking about changing super funds, it’s a good idea to compare funds on factors such as investment performance, fees, insurance premiums and product features. Canstar considers these factors when rating super products, so using our comparison tables could be a good starting point.
If you’re comparing Superannuation funds, the comparison table below displays some of the products currently available on Canstar’s database for Australians aged 30-39 with a balance of up to $55,000, sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Use Canstar’s superannuation comparison selector to view a wider range of super funds.
Fee, performance and asset allocation information shown in the table above have been determined according to the investment profile in the Canstar Superannuation Star Ratings methodology that matches the age group you selected.
Cover image source: iStock.com/pamspix
This article was originally written by Regina Collins. It was reviewed by our Deputy Editor Sean Callery and Finance & Lifestyle Editor Shay Waraker before it was updated, as part of our fact-checking process.
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