Super basics

Set yourself up for  comfortable retirement

Superannuation is a long-term savings structure to provide you with an income when you retire.

For most people, superannuation contributions come from their employer. When you work, your employer must pay the equivalent of 9.5% of your salary into a super account. This is the government’s current “superannuation guarantee (SG)” rate. 

Other contributions

Depending on your situation, you can also receive contributions from other sources:

How super works

Most people can choose the super fund for their employer's super contributions. However, some people who are covered by industrial agreements and members of defined benefit funds don't have this choice.

Your super contributions will go into the default MySuper investment option within the super fund unless you nominate a different option. Each super fund has a range of investment options, with different levels of risk and potential investment returns. Each investment option will be made up of one or a combination of asset classes (such as bonds, cash, property, shares). 

When you change jobs

It is important to remember to take your super fund with you when you change jobs. When you join a new company, your employer will provide you with Super Choice form. In this form you can provide details of your current super fund so that your new employer can make contributions into it.

If you don’t choose a super fund

If you don’t complete the Super Choice form, you will be defaulted into your employer’s default fund, which may be different from your chosen super fund. This tends to be the main reason many Australians have multiple super funds and often end up “losing” their old super accounts. Having multiple super funds also means paying multiple super fund account fees, which slowly erode your retirement savings.