What is Super
Some elements of super can appear complicated, but the concept is actually quite simple.

Super is a means of setting money aside throughout your working life to be accessed later as retirement income.

Whilst you are working, most Australian employees receive a regular contribution from their employer of 9% of their salary during their employment with the organisation. This is paid to a complying super fund.

Over time your superannuation contributions build into a larger sum that earns investment income and continues to grow for your retirement. When you retire this money is paid to you either as a lump sum or a superannuation pension.

Super funds are run by trustees who are responsible for investing your money with reasonable care and diligence. They have their own rules but complying superannuation funds must also follow Government rules which are designed to ensure all superannuation is properly managed.

A widely held myth is that compulsory super alone will be enough to provide a comfortable retirement. This may not be the case. The good news is that it’s easy to take control of your super now.