Super and your account


Super is an effective way to invest and save for your retirement. Super paid by your employer, and any super you add, means you are putting money away regularly for your future.

Because the Government wants you to save for your retirement, they provide tax breaks and other incentives to help grow your super savings over time.

Accumulation plan members

Most AustralianSuper Corporate Division members will have an accumulation-style account. This means your super balance is made up of payments you receive during your working life (employer, salary sacrifice and personal) plus any investment earnings on those payments, minus fees and taxes.


Defined benefit plan members

Some AustralianSuper Corporate members will have a defined benefit-style account. This means your final retirement balance will be determined by a formula usually based on the number of years you have been a member and your final average salary.

Members of defined benefit plans may also have accumulation accounts. Please refer to your Product Disclosure Statement for details.


Employer contributions

From 1 July, employers must pay super contributions of at least 9.5% of your annual salary into your super account. This is called a superannuation guarantee (SG), in some cases employers may pay a higher amount.


Grow your super

The reality for most of us is the money our employer pays into our super won't meet our living costs when we stop working. Adding a little extra to your super now can make a difference to your retirement.

There are two ways to add extra to your super:

If you're 55 or older, and still working, you could save tax and build your super with an over 55 saving strategy.

* You should consider the insurance cover and fees within your employer's fund before making a decision.

See Grow your super for more details.


Government co-contribution

If you're a low income earner and add to your super after tax, you may be eligible for the Government co-contribution.

If you are eligible, for every after tax dollar you put into your superannuation account, the Government will add up to $0.50, with a maximum co-contribution of $500.

See our Government co-contributions page to see if you are eligible.


Combining your super accounts

Combining all your super into the one account with AustralianSuper may make your savings much easier to manage and help you save more.

See our Combine my super page for more details.


Insurance

Your insurance is unique to your plan. Please refer to your Product Disclosure Statement available in your online account, for details of your specific insurance arrangements.


Take AustralianSuper with you when you change jobs

If you leave your employer, you will need to leave your Corporate Plan. But you can remain an AustralianSuper member by joining our Industry or Personal Plan.

Speak to your new employer about nominating AustralianSuper as your fund of choice. See our Changing jobs page for details.


Tax and super

For many people, super is one of the most tax effective ways of saving for retirement. The amount of tax you pay depends on how much you add to your super and when you add it.

See our How your super is taxed page for details.


Withdraw your super

You can't access your super until you retire and reach your preservation age. Your preservation age is 55 if you were born before 1 July 1960. Higher preservation ages apply to younger people. There are a few situations where you can withdraw your super early.

See our Withdraw your super article for more details.

 

AustralianSuper Pty Ltd ABN 94 006 457 987, AFS Licence 233788 as Trustee for the AustralianSuper Plan,
ABN 65 714 394 898, AustralianSuper Corporate Division USI: 65714394898301.

This website is provided by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. The Trustee pays a fee for the provision of this service, however this fee is not conditional on you using this service or acting on the information or advice provided through this service. Industry SuperFund logo used with the permission of Industry Fund Services (IFS). This consent had not been withdrawn at the date of publication. For more information about AustralianSuper ratings, please read more.