Benefits of the Superannuation Clearing House

SCH is a service which is fully functional and tested, having been in operation since 2001. As at October 2005, we were processing an average of 24,000 transactions per month and contributions to around 300 funds or institutions.

In order to reduce the administrative burden, the SCH will manage some of the increased Employer communication requirements generated as a result of Choice of Fund legislation.

Benefits of the SCH include:

  • Addressing the integrity of the file supplied by employers.
  • Providing contribution error management services.
  • Confirming all member contributions are transferred to a complying super fund.
  • Checking for discrepancies between the payments made and the data received from employers.
  • Paying employees' contributions to their nominated funds.
  • Managing any returned cheques by the receiving funds.
  • Confirming the payment to the nominated super fund.
  • The ability to provide information on total contributions distributed to the super fund chosen for each individual employee.

Savings

The main benefit for you as an employer is a significant reduction in time and cost of superannuation compliance when paying contributions.

Savings can be achieved through:

  • Reduced processing work
  • Lower cost of electronic transactions
  • Saving on bank fees
  • Reduced number of cheques (or none at all)
  • Reduced paperwork
  • Less time dealing with administrative queries from superannuation funds.

Flexibility

  • You can enjoy more flexibility by offering your employees a choice of funds
  • Multiple payment methods are available
  • Ability to handle a large number or amounts of contributions sent via the SCH

The Superannuation Clearing House offers a solution to Communication Management by:

  • Providing a direct contact facility for employers to contact the SCH via Telephone, Fax, Email or Mail.
  • Handling employer enquiries regarding contributions made, confirmation of payments to the superannuation funds the contributions were remitted to, and the SCH general queries by full-time SCH administrators.
  • Working with employers on error management services and to improve the SCH administration process.
  • Providing Superannuation Guarantee reminders to all the employers at least 4 weeks prior to SG deadline.