Superannuation is designed to build wealth for retirement. Australian Government legislation makes it compulsory for employers to pay 8% of all employees gross salary into an approved fund. Many employees will also need to contribute themselves in order to provide for an adequate retirement. Many people believe that the Government is phasing out the age pension, so the need to fund retirement is more and more necessary.

 

You chose the amount of your contributions, how often you make the payments and how they are remitted. Additional contributions can also be made at any time. You can also select how your money is invested from a wide choice of portfolios, which can be changed at any time. You can even spread your investment into several portfolios.

 

You are also able to include life insurance as well as total and permanent disablement cover under superannuation policies.

Under current legislation, any contributions to a superannuation fund must remain in the fund until retirement, permanent incapacity, death or severe financial hardship.