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 eligible*, from the moment you start working your employer will need to start contributing to your super.

  2. Your super savings can grow because your employer pays a compulsory sum of money into your super account. This sum, called the Superannuation Guarantee, is 10.5% of your before tax income.

  3. You can add more money to your super by choosing the option that works best for you like before or after tax contributions#.

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

  5. 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.

  6. 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.
*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.

#Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. Salary sacrifice may affect some Government benefits and employee benefits. Consider getting financial advice before deciding what’s right for you.
What is Superannuation

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