What is superannuation?

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

  1. If you're eligible1, when you start working your employer needs to contribute a minimum of 11.5% of your pre-tax income to your super account. This is known as the Superannuation Guarantee.

  2. You can add more money to your super by choosing the option that works best for you like before or after-tax contributions2.

  3. When you join AustralianSuper, you’ll automatically be invested in the Balanced option, unless you choose another investment option.

  4. Most members receive basic insurance cover with their super account. This cover provides a basic level of protection if you die or become ill or injured. Eligible members receive age-based Death, Total & Permanent Disablement (TPD) and Income Protection cover3.

  5. As you get closer to retirement, you can transition from your super account into a Choice Income account to receive a regular income in retirement.

What is super or superannuation?

What is superannuation and why do you need it? We cover the basics of how super works.

What is super or superannuation?

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  1. To be eligible for super, you must be 18 years or older. If you're a private or domestic worker or are under the age of 18 you must work more than 30 hours per week.

  2. Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend you consider seeking financial advice.

  3. The cover provided automatically is based on your division, age, account balance and if you are receiving employer contributions. You can apply to increase, decrease, or cancel your cover anytime. Age limits and other conditions apply. Please read the Insurance in your super guide for your division for more information at australiansuper.com/InsuranceGuide

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