Super is a savings plan for your retirement

While your superannuation is put aside for the future, it shouldn’t be out of your mind until then. Decisions you make about your super throughout your working life can shape the kind of lifestyle you have when you’re older. Knowing how it all works can give you the best chance of having a greater retirement.

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    What is superannuation?

    So what is superannuation? And how does it work?

    Think of superannuation like a savings plan for your future.

    Superannuation is a long-term investment. So right through your working life, your employers will be making regular payments, called 'contributions', to your super account. These payments are made on top of your regular income.

    Over the years, your super fund will invest your savings with the goal of earning interest on your balance.

    Compound interest, where the interest you earn goes on to earn interest of its own, can help your balance grow larger over time—getting you set for an even greater future.

    When the time comes for you to retire, your savings, and any interest they've earned over the years, are ready and waiting for you to live your best life.

    But just because you won't be withdrawing your super until later doesn't mean you can't get involved with things now.

    Depending on your goals, you might like to add some extra cash to your super to help you get a head start on your future savings. In some cases, there may be tax benefits for making extra contributions.

    You also have a say in how your money is invested over the years. Most super funds will have a range of investment options for you to choose from.

    Some options will be more conservative and less volatile, potentially offering lower rates of interest.

    Some will be higher risk and more volatile, potentially offering higher returns on your money.

    How you invest your super is up to you. Take a look at what's on offer with your fund and make a choice. After all, it's your money.

    If you need some help deciding on what's right for you, UniSuper has different levels of financial advice available.

    Super consultants can help you with general information, answering questions about your account and the options available to you. This service is available to anyone, at no extra cost, even if you're not a UniSuper member.

    We also offer paid advice options which help you dig deeper into your goals and set out a more comprehensive financial plan for your future.

    And there you have it. That's superannuation. Drop by to learn more.

    The information contained in this video is of a general nature and doesn't consider your personal circumstances. Before making decisions, consider the relevant PDS and TMD on our website and your circumstances, and whether to seek financial advice. Investment returns can be positive or negative. Past performance isn’t indicative of future performance. UniSuper Advice is operated by UniSuper Management Pty Ltd ABN 91 006 961 799 (USM), which is licensed to provide financial product advice. USM is also the administrator of the fund UniSuper ABN 91 385 943 850 (UniSuper). UniSuper Limited ABN 54 006 027 121 is the trustee of UniSuper.

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Your employer pays your super

At least 11% of your salary goes to super. You can also add extra money to help grow your savings.1
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Your super stays invested

Your super generates returns throughout your life. Depending on your product, you can choose how some or all your super is invested.
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Your super can include insurance

Depending on your account and preferences, you could have death, disability, and income protection cover.

Set your super up to work

Bring your other super over to UniSuper

More than one superannuation account can mean more fees and less super savings for you. So it could make sense to keep your super together.2

It’s easy and you can do it online in minutes.

We have options for every type of investor

We offer pre-mixed investments for your superannuation chosen by our experts, or you can build and manage your own portfolio with sector options. Explore each option in detail to see the risk level, expected frequency of negative returns and asset allocations.

Protect you and your family through life's most difficult times

With UniSuper, your superannuation may automatically include insurance. You may be able to add it on, or top it up with extra insurance to give you cover that’s tailored to your needs.

Who will get your super if it outlives you?

Save your loved ones time and stress by letting us know who you want to leave your superannuation to.

Get on top of your super

Add more to your super

If you can afford to, putting some extra money into your superannuation now could help give you the lifestyle you want in retirement. It’s never too late to start and it’s easy to do.1

Changing jobs?

You can stay with UniSuper when you change jobs, even if you change industries. You'll just need to provide your new employer with a few details to have your super paid into your UniSuper superannuation account.

Manage your super

Get control of your superannuation. Nominate a beneficiary, change your insurance, combine your super from other funds and check if you're eligible to access your super early. 

Compare UniSuper

We’re one of Australia’s largest3 member-first super funds. Learn more about our performance and low fees.

Explore our learning hub 

Our free webcasts are available live and on demand, you’ll also find a range of articles and self-paced video modules which are a great way to learn about superannuation, retirement and financial wellbeing.

Super Guarantee (SG) rate

The SG rate is the minimum amount your employer pays into your fund if you’re eligible for super payments.

The SG rate is set to gradually increase to 12%.

Financial years Minimum SG contribution rate (%)
1 July 2014 to 30 June 2021 9.5
1 July 2021 to 30 June 2022 10
1 July 2022 to 30 June 2023 10.5
1 July 2023 to 30 June 2024
 1 July 2024 to 30 June 2025  11.5
 1 July 2025 onwards  12

Things you need to know

1Contribution caps and eligibility criteria apply.

2Before combining your super, consider the possible effects this might have on things like the fees you pay, the conditions of your insurance (including whether you can transition your insurance in your other fund to UniSuper) and the tax on your super. There could be other effects too, so it’s best to seek financial advice if you’re unsure.

3634,000 members and over $130 billion in funds under management as at 31 December 2023.

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