What is BT Savings Fund's USI number? WFS0402AU
USI number stands for Unique Superannuation Identifier number. It was introduced as part of the SuperStream initiative, which was introduced in 2014, July. The SuperStream system was initiated as a result of the Australian Federal Governments 'Stronger Super' policy reforms. The Stronger Super review was conducted between 2007 & 2013 and focused on the operation of Australia's superannuation system, it's structure and it's efficiency. Only superannuation funds (not including SMSF's) are applicable to receive a USI number.
SMSF funds are funds that are self managed by the owner of the funds. Rather than on their behalf by a superannuation fund. These funds are much smaller and operate outside of the traditional superannuation industry. SMSF's are generally used by richer individuals, who have enough investment in their super to warrant managing it independently. There are fees and risk associated with an SMSF that do not make it a suitable choice for all individuals. As an SMSF is more like a business or individual investment vehicle it requires it's own ABN number. The ABN number of an SMSF will act as it's USI number. An SMSF will never be issued it's own USI number.
The USI number is used in the SuperStream system for APRA registered superannuation funds. The USI number is a unique identifier of a fund within the APRA SuperStream system. The Product name of the fund is not required to be unique, and may even be duplicated within a single superannuation providers products. Always use (and provide) the USI number when discussion your superannuation funds to ensure the correct contributions are being made.
Where else can you find a USI number? The annual statement from your superfund should include this number. It should be present on the website of your superannuation fund. Your employer may have a copy of the USI, if you have already provided it to them. The annual report of your superannuation fund will also include the USI number, including details of the performance of the fund.
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