Answer
When a superannuation fund’s USI (Unique Superannuation Identifier) changes, employers often wonder whether to create a new fund entry in Lightning Payroll or simply edit the existing one. The answer is: either method works, but there are important pros and cons to consider.
Option 1: Create a new super fund entry
This is the preferred and more accurate method moving forward.
Pros:
- Preserves historical records: Past super contributions remain linked to the original USI and fund name. This ensures that reports, audit trails, and contribution files reflect what actually occurred at the time.
- Improves clarity: It’s easy to distinguish between old and new fund data when reviewing employee history or preparing reports.
- Aligns with industry best practice: Since a changed USI often represents a new fund product or post-merger structure, treating it as a new entity avoids confusion.
Cons:
- Slightly more setup: You’ll need to reassign the new fund to the employee and ensure the correct fund is selected when processing future pays.
Option 2: Edit the existing fund entry
This is a quicker method, but with some downsides.
Pros:
- Faster setup: Simply update the USI, ABN, or other changed details in the existing fund entry without needing to reassign anything.
Cons:
- Historical inaccuracy: Past super payments will now appear as if they were made to the new fund, which may not be correct. This can cause issues with reporting, audits, or reconciling past contributions.
- Potential confusion: Editing the old fund makes it harder to track when the change occurred, especially across financial years or reporting periods.
Recommended Approach
While both options are technically valid, we recommend creating a new fund entry in Lightning Payroll whenever the USI changes. This approach protects the integrity of your payroll history and aligns with superannuation reporting standards.
Summary
- Create new fund: More accurate, preserves history, ideal for USI or fund product changes.
- Edit existing fund: Faster, but overwrites historical fund data and can create confusion.
Need to check a USI? Use our USI Validator Tool to confirm up-to-date fund details before making changes.