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Superannuation
Superannuation is a means of investing toward retirement.
Employers and employees can both contribute to superannuation in Australia ... and contributions are typically invested in the stock market, bonds, real estate, or other approved investment vehicles.
The money invested is subsequently paid to the member (or to the members' beneficiaries) on retirement, disability or death of the member either as a lump sum or as a pension or both.
Superannuation Guarantee
The Superannuation Guarantee came into effect in 1992, requiring an employer to contribute toward an employee's retirement through superannuation.
The Superannuation Guarantee (Administration) Act 1993 prescribed the employer contributions as a percentage of it's staff wages.
Employers are not required to contribute in some circumstances, e.g. for very low income earners, young workers not working full-time and workers over 70 years of age.
Employers may choose to contribute a higher amount than that prescribed as a means of employee incentive or reward or as part of a salary package.
There are some limitations on the tax deductibility of employer contributions for a given member and, therefore, professional advice should be sought before entering into these arrangements.
There are significant benefits in members saving toward their own future and Superannuation fund members may consider making contributions to superannuation in addition to employer contributions.
Individuals considering making personal superannuation contributions should seek professional advice.
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Financial News & Information
| Superannuation Titans Advocate for Streamlined Regulations Mon, 26 May: A significant meeting led by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) brought together chief executives from leading superannuation funds, urging a much-needed simplification of current regulatory frameworks. This appeal aligns with ASIC's acknowledgment that the Financial Accountability Regime (FAR) has been instrumental in pinpointing responsible entities within super funds. - read more
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| HESTA Service Disruption Sparks Adviser Outrage Mon, 26 May: HESTA, a major Australian industry superannuation fund with $93 billion under management, has recently faced criticism due to a six-week transition period affecting service operations. Starting on 19 April, the fund halted processing activities, including super contributions, insurance claims, withdrawals, and investment switches, as it switched administrative providers from MUFG to the newer Grow Inc. This has frustrated financial advisers who depend on real-time access to manage clients' super funds effectively. - read more
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| Rest Appoints New CIO Amid Leadership Transition Fri, 23 May: In a significant leadership update, Rest has appointed Michael Clancy, former CEO of Qantas Super, as its next Chief Investment Officer (CIO). Clancy assumes this role following the departure of Rest’s first-ever CIO, Andrew Lill, who resigned last October, leaving interim leadership with Kiran Singh and Simon Esposito acting as co-CIOs. - read more
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| Managed Accounts in Superannuation Now Under Performance Review Fri, 23 May: The Australian Prudential Regulation Authority (APRA) has announced that managed accounts will now be included in the Your Future Your Super (YFYS) superannuation performance test. In its recent update, APRA clarified that separately managed accounts (SMAs) can be classified as Trustee Directed Products (TDPs), which subjects them to this performance scrutiny. This determination hinges on the specifics of how the product operates and its strategic asset allocation capabilities for beneficiaries. - read more
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| Maximise Your Superannuation: Strategies for a Comfortable Retirement Superannuation, commonly known as 'super,' is a crucial part of planning for a comfortable retirement. It serves as a long-term savings measure, gradually increasing in value to support you once you stop working. But what exactly is superannuation? - read more
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| Self-Managed Super Funds vs. Industry Funds: Which Is Right for You? Superannuation, often referred to as 'super', is a cornerstone of financial planning for retirement in Australia. It is a mandatory savings system designed to ensure that Australians accumulate sufficient funds to support themselves in retirement, reducing their reliance on government pensions. - read more
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| The Ultimate Guide to Understanding Superannuation: What Every Australian Should Know Superannuation, often referred to simply as 'super', is a critical component of the financial landscape in Australia. It is a system where money is placed in a fund during your working life to support you in retirement. The Australian government mandates super contributions to help ensure that citizens can look forward to a stable and comfortable retirement. - read more
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| Retirement Planning 101: Secure Your Future Now Retirement planning might seem like a daunting task, but it's a crucial step to securing your future. Many Australians find themselves wondering if they're doing enough to prepare for their retirement. Whether you're just starting your career, or nearing retirement age, taking the time to understand and plan for your future financial needs can make all the difference. - read more
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