Who can contribute to my super?

There are three main ways to contribute to your superannuation. You can make contributions, your employer can make contributions and so can your partner.

If your earnings are under the threshold (currently $58,980) you may be entitled to the government co-contribution - for every $1 up to $1000 you contribute to your super, the government may co-contribute $1.50.

Should I consolidate my super?

The choice of whether to consolidate your super is yours. But there are reasons why you might benefit from moving all of your super into one fund, including saving on multiple fees and administration charges.

It's also easier to keep track of your super when it's consolidated, so you are less likely of losing contact with one of your funds, and having your super moved into the 'Lost Super' twilight zone.

When can I access my super?

Generally, your superannuation saving is your nest egg for when you retire, and the more you can save today the larger that will be. So you can start to access your super when you reach retirement age of 65 or when you stop work after the age of 60 or your preservation age. More detail on this matter is supplied in our Product Disclosure Statement.

Are there tax benefits of contributing to super?

Superannuation is certainly a tax effective way to save money and invest for your future. Currently the tax regime taxes super contributions at 15%, rather than the normal income tax rate. However, if you want to make additional contributions you must remember that this money is being locked away for your retirement. If you're not comfortable with your understanding on this issue please contact our Financial Advisers at www.standrewsaus.com.au.

What is a Rollover?

When you transfer from one fund to another or consolidate your super into one fund - that's a rollover. And rolling over your super fund into one fund can be a good idea because you can save on fees and administration.

Do I need to start thinking about super now?

That's entirely up to you, but remember the earlier you act and start saving money for your retirement, the more you will have when the day comes to finish work and start enjoying the fruits of your labour.

What is an Eligible Rollover Fund?

If your balance falls below $1,000 or if we cannot contact you, your benefits may be transferred to the Eligible Rollover Fund (ERF).

If your balance is tranferred to the ERF its value will not fall. However the assets of the ERF, like other ERFs, are invested conservatively and are therefore likely to produce lower returns in the long term compared with a balanced portfolio. Benefits claimed from ERFs are subject to the normal legislative requirements which apply to eligible termination payments.

You could become a 'lost member' if at least one written communication sent to your last known address is returned unclaimed. Alternatively, if you are trying to locate balances, contact Client Services and when you join Lite Super we can conduct a search on your behalf.

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