What is Superannuation?
Superannuation (also known as ‘super’) is money that you build up and save during your working life to help provide the lifestyle you want in retirement. These days, Australians are living longer, and you can expect to survive for over 20 years after you retire. Superannuation is the money you put away now to ensure you can fund this period of your life. Generally, you cannot access this money until you retire.
The Superannuation Guarantee
If you’re an eligible employee, then your employer is obliged to pay an amount of money, broadly based on your salary, into a complying super fund for your retirement. This is known as the Superannuation Guarantee. Click here to see if you are eligible for the Super Guarantee.
You can also ‘top up’ your super by making extra contributions into your super fund. The government encourages you to do this by providing tax advantages and other incentives for extra contributions you make into your superannuation fund.
Choice of fund
Many Australian workers now have the freedom to choose the superannuation fund they would like their super paid into.
See if you are eligible to make a choice.
Choosing a fund
Choosing the fund to handle your super is an important decision, as it could make tens of thousands of dollars difference to your final retirement payout, and could affect the lifestyle you can lead in your retirement.
There are a number of important factors you should consider when choosing a fund.
View 16 Industry SuperFunds that carry the Industry SuperFunds' symbol.
Financial Advice from your super fund
Industry SuperFunds are committed to providing members with services that help them maximise their retirement savings. One of these services is financial advice. Currently, Industry SuperFunds can provide their members with basic financial advice on a limited number of topics about super, including:
- investment options
- insurance options
- contribution levels
- transition to retirement pension
- co-contribution scheme.
Basic financial advice provided by Industry SuperFunds is delivered over the phone or by email and is often included in the fees paid from members’ super accounts.
If members’ needs are more complex, funds can refer members to a qualified financial planner for more comprehensive financial advice. This is generally paid for on a fee-for-service basis.
How to read your statement
Your super statement contains important information concerning your super savings. It’s important to check it carefully. For an explanation on how to read your super statement click here.