Superannuation is money that's put aside in a super fund for your retirement. It's generally made up of:
A super fund is like a giant piggy bank for retirement savings. The fund you choose invests and looks after your super until you can access it. The government sets the rules for this.
Get practical tips and insider knowledge to help you get the most from your superannuation.
Here are the basics of how super works in Australia.
You can usually pick any super fund you want. Your choice could make a big difference to how much you end up with. So it's a good idea to compare funds first.
Your employer usually has to send a percentage of your pay to your super account. You can also pay into a fund for yourself if you're a sole trader or in a partnership.
Your super fund invests your money to help your balance grow over time. As a member with us, you can choose your investment options or have us decide for you.
You can generally take out your super when you turn 60 and retire. Or from 65 even if you're still working. You can also use our Retirement Income account or Lifetime Pension to turn it into a regular income.
Superannuation insurance gives you a safety net for injury, illness, or death. And it helps your family feel protected, too. It's not always automatic, so you may need to opt in or apply for cover.
Over 2.4 million members trust us to take care of their retirement savings. Join us and be part of one of Australia’s largest super funds.
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Check what your super balance should be to retire comfortably. See how yours compares to the average super balance by age.
Learn moreFind answers to some common questions about superannuation in Australia.
Actually, you can usually choose your own fund.
If you don’t pick one and don’t already have a super account, then your employer will open one for you.
If you're a member with us, you can log in to your account using Member Online or our app.
If you haven’t logged in online before, you'll need to set up your online access first.
Your super fund looks after your savings until you reach your access age and/or retire.
Generally, this means:
Sometimes you might be able to get your super early, such as medical conditions or financial hardship.
If your employer hasn't paid any money to your super account, start by asking them which fund they're paying it to.
You can send your account details to your employer with our online form (if you’re a member with us).
If they're still not paying you or the payments are late, you can report it to the Australian Taxation Office (ATO).
If you're made redundant, your employer doesn't need to pay super on your redundancy payments.
That's because redundancy payments aren't part of your OTE (what you earn for your day-to-day hours of work) under the ATO's rules.
But let's say your employer pays you out instead of giving you the right amount of notice.
The ATO classes this type of termination payment as OTE. So that means you'll usually get paid super on it.
Using your redundancy payout to top up your super
You can put part, or all, of your redundancy pay into your super yourself as an after-tax contribution. Just check your contribution limits before you do.
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