What is Superannuation?
Superannuation in Australia refers to the arrangements which people make to have funds available for them in retirement. In Australia, superannuation arrangements are government-supported and encouraged, and minimum provisions are compulsory for employees. For example, employers are required to pay a proportion of an employee’s salaries and wages (currently 9%) into a superannuation fund, but people are encouraged to put aside additional funds into superannuation. The minimum obligation required by employers is set to increase to 12% gradually stepping annually from 2013 to 2020.
A person can withdraw funds out of a superannuation fund when the person meets one of the conditions of release contained in schedule 1 of the Superannuation Industry (Supervision) Regulations 1994.
Have you got multiple Superannuation Accounts?
How many superannuation statements did you receive this year? Do you find it hard to keep track of your super accounts? You’re not alone. Many people have this problem.