Compare a wide range of superannuation products
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
Can I choose a superannuation fund or does my employer choose one for me?
Most people can choose their own superannuation fund. However, you might not have this option if you are a member of certain defined benefit funds or covered by certain industrial agreements. If you don’t choose a superannuation fund, your employer will choose one for you.
How much is superannuation?
Superannuation is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.
The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.
How does the age pension work?
Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.
What happens if my employer falls behind on my superannuation payments?
The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.
How do you access superannuation?
Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:
However, please note that your superannuation fund will only be able to make a payout if you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
The preservation age has six different categories:
| Date of birth | Preservation age |
|---|---|
| Before 1 July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| From 1 July 1964 | 60 |
There are also seven special circumstances under which you can claim your superannuation:
How many superannuation funds are there?
There are more than 200 different superannuation funds.
What are the age pension's age rules?
Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:
| Date | Eligibility age |
|---|---|
| 1 July 2019 | 66 years |
| 1 July 2021 | 66 years and 6 months |
| 1 July 2023 | 67 years |
Is superannuation paid on overtime?
As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.
Here is the ATO’s summary:
| Payment type | Is superannuation paid? |
|---|---|
| Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates | No |
| Overtime hours – agreement prevails over award | No |
| Agreement supplanting award removes distinction between ordinary hours and other hours | Yes – all hours worked |
| No ordinary hours of work stipulated | Yes – all hours worked |
| Casual employee: shift loadings | Yes |
| Casual employee: overtime payments | No |
| Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause | No |
| Piece-rates – no ordinary hours of work stipulated | Yes |
| Overtime component of earnings based on hourly-driving-rate method stipulated in award | No |
Can my employer use money from my superannuation account?
No, your employer can’t touch the money that is paid into your superannuation account.
Promoted
Lifecycle Investment - High Growth
8.90%
p.a
$507
17.20%
p.a
Promoted
High Growth (Lifecycle investment)
8.20%
p.a
$457
17.80%
p.a
Promoted
Lifecycle Investment - Balanced
7.30%
p.a
$477
15.10%
p.a
Promoted
Balanced (Lifecycle investment)
6.80%
p.a
$422
15.70%
p.a
