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Superannuation is a compulsory scheme designed by the government to help you have enough money of your own to live on in retirement – without having to rely on the government pension. There are three main components.
Generally, your employer must pay a percentage of your wages, known as the Superannuation Guarantee or SG payment, currently 11.5%, into a super fund of your choice. This money is invested for you and kept in Super for you to live on once you retire.
You can top up your super with your own pre and post tax dollars. The government encourages you to do this by providing substantial tax advantages. There are caps on how much you can contribute.
Where your super fund provides cover (automatically in some cases) to soften the financial blow if you were to die or become unable to work.
