Superannuation and super funds

Superannuation is money that's put aside in a super fund for your retirement. It's generally made up of:

Payments from your employer
Money you put in a super account yourself
Any money your super investments earn

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.

What is superannuation?

Learn the basics of superannuation and you’re on your way to a better retirement.

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How does superannuation work?

Here are the basics of how super works in Australia.

You choose who looks after your super

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 pays you super

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 fund invests your money

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 retire with your savings

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.

Think about insurance, too

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.