Super Annuation TransferSuper Annuation TransferSuperannuation is a tax effective way to save for your retirement. It's similar to a managed fund where your money is pooled with other members' money and invested on your behalf by professional investment managers. Generally you will not be able to access this money until you retire.
Your employer will make contributions to your super fund and you can top it up with your own money. The Australian government may also make contributions if you are a low income earner.
Most people can choose which super fund they'd like their super contributions paid into. Check with your employer to make sure you can choose the fund your super is paid into. Super comparison websites can help you compare super funds.
Some industrial awards specify a fund or a choice of a few funds that super must be paid into. In these cases you may have limited or no choice of fund.
When you can choose your super fund, tell your employer by filling in a standard choice form from the Australian Taxation Office (ATO) or from your employer. If you don't (or can't) choose your own super fund, your employer will put the money into a 'default' super fund, known as a MySuper account.
Superannuation funds have a default level of death, disability and income protection insurance that you will automatically be covered for. If you don't want this insurance you will need to tell your super fund you want to cancel it.
Insurance through super can be cheaper than similar cover outside of super and you can usually request to increase it if the default cover is not enough to suit your needs.