What is super?

Superannuation is a tax effective and long term savings plan, designed to give you an on-going source of income in retirement. It works like a bank account that is continuously being added to by your employer, and yourself!

Your employer must contribute 9.5% of your salary into your super fund. This is called The Superannuation Guarantee (SG).

There are some exceptions:

  • employees earning less than $450 per month;
  • employees under the age of 18 who work 30 hours per week or less;
  • employees over the age of 70.

How does it work?

Your superannuation is invested by your super fund (which is us!) and normally you can choose how it’s invested. Different super funds have different investment options to choose from. When you retire, you get to cash your superannuation in (after charges and taxes) as a lump sum payment or as regular periodic payments (ie, a pension), or a combination of both. More on investing…