Make AustralianSuper part of your new life

In Australia, the government uses a compulsory system called superannuation to help you save for retirement.

For most employees, from the moment you start at a job, 10.5% of your before-tax earnings is paid by your employer into your super fund, instead of into your bank account.

You can also choose to make additional personal contributions from your savings into your super at any time.

Your super savings are managed for you by an organisation known as a super fund. As Australia’s largest fund, AustralianSuper manages the super savings accounts of 2.8 million people³, representing one in 10 working Australians.

AustralianSuper is an industry super fund, and it works within the strict laws and regulations set up by the Australian Government to help keep your superannuation secure.

Being an industry super fund means profits and dividends aren’t paid to shareholders, and the money earned by the fund goes back to members. That helps to keep fees and costs low, too.

Join AustralianSuper today

Any money you or your employer add to your super fund is invested by professional money managers who work at the fund.

They invest your super in a range of assets, and in ways designed to grow your balance.

When you’re able to retire from working life, you can access the balance of your super account to support yourself.

Each time money is paid into your super account, it’s called a contribution. There are different types of contributions.

The most common type of contribution is called an employer contribution, or sometimes referred to as a super guarantee (SG) contribution. This is when your employer pays a portion of your wages into your super account.

To give your retirement savings an additional boost, you can also choose to pay extra money into your super yourself. This is called making a personal contribution.

Another form of contribution is called a Government co-contribution. If you're a low or middle-income earner and make personal contributions to your super fund, the government may also make a contribution (if eligible) - up to a maximum of $500.

You don’t have to use the super fund that your employer recommends. Most Australians are allowed to decide who their retirement savings are invested with, so it is important that you choose the super fund that is right for you.

If you’ve already started working, and already have a super fund, you can choose to change funds – and it’s easy. You simply need to let your employer know and give them your account details.

Join AustralianSuper today

Your super is savings for your retirement. So, generally, you can’t access your super until you meet certain conditions. In Australia you may be able to access your super when you reach your Preservation Age, but this age is slightly different for everyone, and depends on when you were born.

When you reach your Preservation Age, you don’t have to stop working completely to be able to access your super. It is also possible for you to cut down on work and still access your super. This is called Transitioning to Retirement.

If you are a temporary resident permanently leaving Australia, you can apply to access your super early instead of waiting until you reach retirement age.

There may be other ways you can access your super before retirement or reaching Preservation Age.

One of the extra benefits of being with a super fund is that you can also access a range of insurance options, such as Death cover (also known as life insurance), Total & Permanent Disablement cover, or Income Protection.

Members may have insurance provided by default, so it’s a good idea to check with your fund on the arrangement and see if it’s right for you.

Having insurance cover through AustralianSuper means your premium can be offered at bulk discount rates. And your insurance costs are deducted from your super account each month, not your take-home pay.

LEARN MORE ABOUT INSURANCE THROUGH SUPER

A lot of people have more than one super account, especially if they have worked in a number of different jobs. The more super accounts you have, the more sets of fees you are paying. Over a lifetime, these fees can add up and reduce your super balance significantly. So it could be beneficial to have just one super account.

Before making a decision to combine your super, consider any fees or charges that may apply, and the effect a transfer may have on benefits, such as insurance cover.

The good news is, bringing all of your super into the one account is really easy. This is called ‘consolidating your super’, or ‘rolling over your super’.

Yes, you can. And it’s easy. Your AustralianSuper account is portable, and can move with you whenever you change jobs. All you need to do is give your employer your account details. You can also send your employer your account details via the AustralianSuper mobile app.

There are benefits to having just one super fund. Not only does it mean less admin for you, it also means you are only paying one set of fees, which could make a big difference to how much money you retire with.

Become a member today

If you’re a temporary resident who has earned super while working and living in Australia, you can apply to have your super paid to you as a Departing Australia Superannuation Payment (DASP) after you leave.

Read our factsheet about claiming super when you leave Australia.

We can arrange an over the phone translation service in many languages, to help you better understand your super. Call us on 1300 300 273 to find out more.

As the country’s biggest super fund³, AustralianSuper is dedicated to helping its members get a better understanding of what super is, why it’s important and how to make the most of your super. After all, it’s your money.

As a member of AustralianSuper, you’ll have access to a range of webinars, tools and support.