Super is money set aside over your lifetime to provide for your retirement.
For most people, super begins when you start work and your employer starts paying a portion of your salary or wages into a super fund for you. These payments are known as super guarantee (SG) contributions or concessional contributions.
Super funds invest your money in many things, such as shares, property and managed funds. They may also offer different types of insurance, such as income protection.
Most people can get compulsory super contributions from their employer – this is called super guarantee.
There is a minimum amount your employer should contribute, based on your pay. A transitional rate applies to the amount of SG that employers on Norfolk Island pay on behalf of their employees. This starts at 1% on 1 July 2016 and increases by 1% yearly to 12% on 1 July 2027.
Your employer will provide you with the Superannuation standard choice form if you’re eligible to choose the fund your super contributions are paid into.
The YourSuper comparison tool will help you compare MySuper products and choose a super fund that meets your needs.
From 1 November 2021, if you start a new job your employer may have an extra step to take to comply with choice of fund rules if you don’t choose a super fund. They may need to request details of a 'stapled super fund' from us.
A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs.
We will notify you if your employer makes a stapled super fund request and the fund details, if any, we have provided them.
You can choose to put some of your own money into your super fund so you have more money when you retire. This is called making personal contributions and is one way to grow your super.
If you’re on a low income, you may also be eligible for government contributions.
The amount of tax on your contributions depends on whether the contributions are concessional (sometimes referred to as 'before tax') or non-concessional (sometimes referred to as 'after tax'), and whether you exceed the contribution caps.
If you've ever worked on the Australian mainland, or changed address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super savings. There are several ways to check and manage your super.
We can search all your super accounts for you if you phone us on 13 10 20. Or you can search yourself online if you have a myGov account linked to the ATO.
If you have several super accounts, you can combine them into one preferred account to avoid having too many fees and charges. You can do this online too.
You can get access to your super savings when you reach retirement age and retire or turn 65 years old.
You can only get earlier access to your super in some special cases, such as a serious medical condition or severe financial hardship.Super contributions you're entitled to on Norfolk Island, building and keeping track of super and how benefits are paid.