Superannuation (or ‘super’) is money set aside while you’re working to support your financial needs in retirement. Your super is invested in a range of assets to help grow your balance so you can have the best possible retirement outcome.
How Superannuation Works
- Generally, from the moment you start working and earn $450 or more a month, your employer will need to start contributing to your super.
- Your savings grow because your employer pays a compulsory sum of money into your super account. This sum, called the Superannuation Guarantee, is 10% of your before tax income.
- You can add more money to your super by choosing the option that works best for you like before or after tax contributions.
- When you join AustralianSuper, you’ll automatically be invested in the Balanced option, unless you choose another investment option.
- Your super account can also come with different types of insurance cover that you can access if you’re unable to work due to illness or injury. Cover includes Total & Permanent Disablement Income Protection and Death.
- As you get closer to retirement, you can transition from your super account into a Choice Income account to pay yourself a regular income in retirement.