Make sure you get what you deserve
Influence your future and take control of your super. Here’s some easy things you can do today to boost your super. To get the best result from your super, it’s important to take an active interest and understand what’s best for you at different times during your working life. At each stage there are things you can do that will help deliver a better final outcome. And taking action now, will help you avoid the panic of a last minute rush when it may be too late.
One easy thing you can do now
For members with a defined benefit fund knowing your contribution rate is a great place to start, and if you’re not currently contributing the maximum you are able to change your contribution rate*^ to help maximise your super benefits. You may also be eligible for the contribution catch up rates.
Before you change your contribution rate please review the contributions you are making to your super to make sure you don’t unintentionally go over the cap.
Three more ways to boost your super
Salary sacrificing
Salary sacrificing is effective if your total assessable income from all sources is more than $40,000 p.a. That’s because you’re paying a higher marginal tax rate on your personal income. Everybody’s situation is different, so check our Salary Sacrifice Calculator to see if it’s right for you.
Salary Sacrifice contributions are not eligible for the Government co contribution. Salary Sacrificing is only available to approved members in accordance with the conditions on your Enterprise Bargaining Agreement. If you are in doubt, please consult your employer.
Again it’s a good idea to review the contributions you are making to make sure you won’t go over the cap unintentionally.
Accumulation Plan
If you are a member of the Defined benefit scheme, opening an Accumulation Plan account can assist you in boosting your super. An Accumulation Plan allows you to make additional contributions (just remember there are contribution caps) and can accept any rollovers from other funds you may have to help you consolidate your super
Before contributing to an accumulation fund, check the rate you’re contributing to your Defined Benefit fund. Contributing at the maximum rate to a Defined Benefit fund, for most of our members, can be the most effective way to maximise your super.
Lost super
Finding any lost super funds and consolidating them into an Accumulation Plan account can help reduce the paperwork and possibly save on fees.
You should check any relevant exit fees you may incur, or any insurance arrangements that may be forfeited, or any other effects a transfer may have on your benefits, before rolling your money into one fund.
Accessing your super may seem a long way off, but every step you take to help boost your super sooner than later can make a big difference to the final number when you do finally retire.