Superannuation
Superannuation is a tax advantaged way of saving for retirement and makes up two of the three “pillars” of the Government’s retirement income policy. The three pillars are:
- A Government funded means-tested age pension
- Compulsory superannuation contribution (i.e., the Superannuation Guarantee)
- Voluntary superannuation contributions
Superannuation is often simply referred to in everyday conversation as “super”. The Australian superannuation sector has grown to become one of the largest private pension funding arrangement in the world with assets exceeding $3.5 trillion as at the end of December 2021.
Superannuation consists of two distinct components:
Compulsory Superannuation
If you work in Australia, your employer may have to contribute to a superannuation fund for you under the Superannuation Guarantee system if you:
- Are over 18 years of age, working on a full-time, part-time, or casual basis; or
- If under 18 years of age, you are employed for more than 30 hours per week.
In certain limited situations, and industrial award or workplace agreement may impose additional superannuation obligations of an employer.
Superannuation payments are paid by your employer in addition to the salary or wages you receive. If you are eligible for superannuation, your employer will pay your superannuation directly into a superannuation fund.
Voluntary Superannuation
In addition to compulsory superannuation contributions, individuals may make their own personal and tax-deductible contributions and employers may make additional contributions for an employee, generally structured under a “salary sacrifice” arrangement. Salary sacrificed contributions are made from an employee’s pre-tax salary

Types of Funds
Retail Funds
hese are usually run by banks or investment companies; their general characteristic are as follows:
- Anyone can join;
- They often have a large number of investment options, sometimes in the hundreds;
- They are usually used by financial advisers who may receive a fee or commission;
- They offer both accumulation and pension fund options most Australians have their superannuation in an accumulation fund. They are called ‘accumulation’ funds because your money grows or ‘accumulates’ over time, but with the ageing population, many Australians are now using their superannuation to provide regular income payments in retirement;
- Most retail funds range from mid to high cost, but some are now offering a low cost alternative;
- The company that owns the fund aims to retain some profit.
Industry Superannuation Fund
Larger industry superannuation funds are open for anyone to join. Some others are restricted to employees in a particular industry. The main features of an industry fund are:
- They usually have a range of investment options, which will meet most people’s needs;
- They are generally low to mid cost funds although some have high fees;
- They are ‘not for profit’ funds which means all profits are put back into the fund for the benefit of all members.
Corporate Superannuation Funds
A corporate fund is arranged by an employer, for its employees.
Some larger corporate funds are ’employer sponsored’ funds where the employer also operates the fund under a board of trustees appointed by the employer and employees.
Other corporate funds will be operated by a large retail or industry superannuation fund (especially for small and medium-sized employers).
Features of these funds include:
- Funds run by the employer, or an industry fund will return all profits to members. Corporate funds run by retail companies will retain some profits;
- If it is managed by a retail or industry fund it may offer a wide range of investment options;
- They are generally low to mid cost funds for large employers but may be high cost for small employers;
- Some older corporate funds have defined benefit members, most others are accumulation funds.
Public Sector Funds
Public sector funds were created for employees of Federal and State government departments. Most are only open to government employees. The main features are:
- Some employers contribute more than the 10% minimum;
- A modest range of investment choices that will meet most people’s needs;
- Many long-term members have defined benefits, newer members are usually in an accumulation fund;
- They generally have very low fees;
- Profits are put back into the fund for the benefit of all members.

Eligible Rollover Fund
An Eligible Rollover Fund (ERF) is a holding account for lost members or inactive members with low account balances. These funds often have low investment returns and may charge high fees.
Your money is likely to grow faster if you consolidate your ERF with your active superannuation fund.

Self-Managed Superannuation Fund (SMSF)
SMSFs are essentially DIY superannuation for those that want the hands-on control with their superannuation. Of course, with added control comes added responsibility and workload.
SMSFs can be suitable for people with significant superannuation savings and skills in financial and legal matters. You must be prepared to research and track your superannuation investments regularly if you want to manage them yourself.
You can set up your own private superannuation fund and manage it yourself, but only under strict rules regulated by the Australian Taxation Office (ATO).
A SMSF can have one to four members. Each member is a trustee (or director if there is a corporate trustee).
Running your own fund is complex so think carefully before setting one up. If you set up a SMSF you must:
- Carry out the role of trustee or director, which imposes important legal duties on you;
- Use the money only to provide retirement benefits;
- Set and follow an investment strategy that ensures the fund is likely to meet your retirement needs;
- Keep comprehensive records and arrange an annual audit by an approved SMSF auditor.
If you’re running a SMSF, you will typically need:
- A large amount of money in the fund to make set up and yearly running costs worthwhile – usually at least $200,000;
- To budget for ongoing expenses such as professional accounting, tax, audit, legal and financial advice;
- Plenty of time and energy to manage the fund;
- Financial experience and skills so you are more likely to make sound investment decisions;
- Separate life insurance, including income protection and total and permanent disability cover.
You can pay an adviser a fee to do the administration or help with the investment decisions for your SMSF. However, you cannot pass on the responsibility of being a trustee or director.
For More Information, visit our page on Self-Managed Super Funds
Types of Contributions
When money is paid into a superannuation fund, it is referred to as a contribution. There are two types of contributions: concessional contributions and non-concessional contributions. Concessional contributions include contributions made by an employer, personal contributions that will be subject to a personal tax deduction, and any other contributions that are not a non-concessional contribution.
A non-concessional contribution is one that is made by an individual on their own behalf, or for their spouse, or children under 18 years of age.
A Non-concessional Contribution (NCC) is a personal contribution made to a superannuation fund by an individual for their own benefit or for the benefit of their spouse or children under 18 years of age.
NCCs are generally made from after-tax income, from savings, and from the sale of other investments and assets. NCCs may also be made from inheritances, gifts, and windfalls.
Non-concessional contributions can be made up until the 28th day of the month following that in which they turned 75.
Where a tax deduction will be claimed for personal contributions, they are treated as a concessional contribution.
NCC Limits
The annual limit or ‘cap’ that applies to NCCs is $120,000 per annum, however up to three years contributions may be made in a single year in certain circumstances.
A NCC can only be made for an individual where they have a ‘total superannuation balance’ of less than $1.9m
The total superannuation balance is the sum of all amounts a person has in superannuation at the previous 30 June. This includes amounts held in both accumulation accounts and accounts paying a pension or income stream. Where a person is a member of a defined benefit or constitutionally protected fund, special rules apply to determine their total superannuation balance.
Three-year bring forward rule
Provided a person was under the age of 74 at the start of the financial year in which they intend to make a NCC, they may be able to bring forward up to three years contributions. The three-year bring forward rule is triggered when NCCs in a financial year exceed $120,000. When this occurs, the maximum that may then be contributed over the course of the next two financial years is $360,000, less NCCs made in years 1 (and 2).
If triggered in a previous year, the remaining balance of the three-year cap may be contributed, subject to meeting the general rules relating to contributions, including having a total superannuation balance of less than $1,900,000.
Where a person has a total superannuation balance of $1,660,000 or more, the amount that can be contributed under the three-year bring forward rule is scaled back as shown in the following table:
Total superannuation balance | Maximum NCC |
Less than $1,660,000 | $120,000 + 2 years = $360,000 |
$1,660,000 to $1,779,999 | $120,000 + 1 year = $240,000 |
$1,780,000 to $1,899,999 | $120,000 |
$1,900,000 or more | $0 |
Taxation of NCC’s
When a NCC is made to a superannuation fund it is not taxable in the fund. 100% of the contribution, less any entry fee charged by the fund (if applicable) is invested for the benefit of the person form whom the contribution is made.
NCC form part of an individual’s tax-free component within super. When the tax-free component is paid as either a lump sum or as an income stream, the benefit is tax-free in the hands of the recipient.
Investment earnings that accrue on the tax-free component of a benefit are added to the taxable component where the fund is in the accumulation phase and is apportioned between an individual’s taxable and tax-free components when the fund is paying an income stream.
Exceeding the NCC cap
If NCCs exceed the allowable cap, the Australian Taxation Office will issue an excess NCC determination. Provided an election is made to withdraw the excess NCCs together with associated earnings, which are taxed at an individual’s marginal tax rate, no other penalty is applied. A 15% tax offset is provided to compensate for the tax paid by the superannuation fund on the associated earnings.
Where an election is not made within the prescribed time (within 60 days of the date the determination was issued), the Australian Taxation Office will tax the excess NCCs at a rate of 47%. The Australian Taxation Office has the power to order the compulsory release of excess NCCs from a superannuation, where the election is not made by the member of the fund.
Benefits of NCC’s
Making NCCs to superannuation can assist increasing retirement savings and by adding a member’s tax-free component.
This may result in a member receiving tax-free lump sum and income stream benefits from their fund. Where member of a superannuation passes away, the tax-free portion of their accumulated savings is tax-free when paid to their legal personal representative (i.e. their Estate) or directly to other beneficiaries.
People making NCCs may be eligible to receive a Government co-contribution and/or the spouse contribution tax offset.
Concessional contributions are contributions made to a super fund that are not treated as a non-concessional contribution.
They include contributions made by an employer on behalf of an employee including the 11.0% super guarantee contributions, and contributions made under an effective salary sacrifice arrangement.
Personal contributions may also be treated as concessional contributions where the person making the contribution claims a personal tax deduction for their contribution.
Contributions made for the benefit of another person, including contributions made for relatives (other than a spouse) and children over the age of 18, are treated as concessional contributions, whether or not the person making the contribution is eligible to claim a tax deduction for the contribution. For example, a contribution made by a grandparent on behalf of a grandchild will generally be treated as a concessional contribution.
Eligibility to contribute
Concessional contributions can be made for or on behalf of a person under age 75 regardless of whether they work or not.
Where a person aged 67 to 75 intends to claim a tax deduction for their personal contributions, they will need to have met a work test in the year of contribution. However, a person aged from 67 to 75 intending to claim a tax deduction for their personal contributions may contribute in the year following that in which they last met the work test, provided their total superannuation balance at the end of the previous financial year was less than $300,000.
The work test requires a person to have been gainfully employed for at least 40 hours worked within a 30 consecutive day period in the financial year in which the contribution is to be made. It is customary for the work to have been done before the contribution is made.
Concessional contributions cannot generally be made after the 28th day of the month following that in which a person turns 75. There is one exception to this age limit. Mandated employer contributions (e.g. super guarantee contributions) can be made irrespective of age.
Taxation of concessional contributions
Concessional contributions are treated as assessable income of the super fund to which they are made. They are taxed within the fund at a rate of 15%.
High income earners – people with an income of more than $250,000 per annum – pay an additional tax of 15% on their concessional contributions. This is referred to as Division 293 tax and is levied on the taxpayer personally, rather than on their super fund.
Income for Division 293 purposes includes [taxable income + amounts subject to family trust distribution tax + reportable fringe benefits + net investment losses + ‘low tax contributions’.]
Low rate contributions are concessional contributions within the concessional contribution cap. It excludes excess contributions.
Contribution Cap
There is a limit of the amount of concessional contributions that may be made in a financial year. This is referred to as the concessional contribution cap. This is currently $30,000 per annum.
Excess concessional contributions
Where the concessional contribution cap is exceeded, the Australian Taxation Office will issue an excess concessional contribution determination. The determination will include details of the excess concessional contribution, together with an excess contribution charge where the excess contribution arose before 1 July 2021. Excess contributions, together with the excess contribution charge, may be released from super provided the individual makes an election within 60 days of receiving the determination. Where an election is made, the Australian Taxation Office will issue a release authority allowing the excess to be withdrawn from super. The withdrawn amount is remitted by the super fund to the Australian Taxation Office. The excess contributions are taxed at the taxpayer’s marginal tax rate. A non-refundable 15% tax offset is applied to offset the tax already paid by the super fund. Any remaining amount, after deducting relevant tax, will be returned to the taxpayer.
Excess contributions not withdrawn from super are counted against a person’s non-concessional contribution cap.
Responsibility for tracking the level of contributions rests with the member of the fund, and not with their super fund.
Where any doubt exists regarding contributions made to super (including premiums paid for life insurance policies held through super) details should be checked with the super fund or financial adviser before making further contributions. Details of concessional contributions can also be found by checking an individual’s My.Gov account.
Carry forward of unused cap
From 1 July 2018, the unused portion of the concessional contribution cap that accrues from 1 July 2019 may be carried forward for a period of up to 5 years. This measure only applies to those people with a total superannuation balance of less than $500,000.
Salary sacrifice arrangements
The Australian Taxation Office has set out its requirements for an effective salary sacrifice arrangement. The basic requirements for a salary sacrifice arrangement to be effective include:
- The arrangement must be established before any work is performed that gives rise to remuneration. An arrangement established after work has been done may be regarded as ineffective.
- There must be an agreement in place between the employer and employee. Preferably the agreement should be in writing.
The sacrificed salary must be permanently forgone for the period of the agreement.
Low income superannuation tax offset (LISTO)
Where a person has adjusted taxable income of less than $37,000 the government will refund the contributions tax on the first $3,330 of concessional contributions. This provides a refund up to $500 per year. This is paid automatically to the super fund to be credited to the person’s super account.
To qualify for LISTO, at least 10% of total income must be derived from employment or self-employment.
From 1 July 2018, eligible people who sell their main residence may contribute up to $300,000 of the sale proceeds to super without being constrained the usual restrictions that otherwise apply to contributions, including age limits and contribution caps.
Contributions made to super under this arrangement are referred to as ‘downsizer contributions’ and are subject to specific rules. Downsizer contributions are treated separately to concessional and non-concessional contributions.
How it works?
To be eligible to make downsizer contributions, several conditions need to be met, including:
- Contributions can only be made by a person aged 55 or over,
- The contributions arise from the sale of a residence that has, at some or all of the time of its ownership, qualified as the person’s main residence for capital gains tax purposes,
- The residence has been owned by the person and/or their spouse for at least 10 years,
- The contribution of up to $300,000 is made from the sale proceeds of the residence within 90 days of change of ownership (settlement),
- The contract for sale of the property was entered into on or after 1 July 2018,
- An election to make a downsizer contribution is made in the approved form, and
- The person has not previously made a downsizer contribution.
Qualifying residence
To qualify as a downsizer contribution, the sale proceeds from which the contribution is to be made must be in respect of the sale of a property that has, at some time during its ownership, qualified for a capital gains tax exemption as the person’s, or their spouse’s main residence.
Therefore, the sale proceeds from the sale of a commercial property, or an investment property that has never qualified for the main residence capital gains tax exemption, do not qualify as a downsizer contribution.
Furthermore, a qualifying residence does not include a houseboat, caravan, or mobile home.
Making a downsizer contribution is contingent upon selling a qualifying residence. However, there is no requirement that a replacement residence must be purchased. For example, a person selling their home and planning to rent a property, relocating to a retirement village or aged care facility, or moving in with family, may still make a downsizer contribution.
How are contributions treated?
A downsizer contribution will be treated as part of the contributor’s tax-free component of their superannuation. Therefore, it will not be subject to tax at the time the contribution is made to the super fund.
As downsizer contributions are not treated as non-concessional contributions, the restrictions applying to non-concessional contributions, including an age limit and total superannuation balance, do not apply.
Downsizer contributions count towards a person’s total superannuation balance. This may impact on their ability to making future non-concessional contributions and receive other Government benefits such as the Government co-contribution and a tax offset for contributions they may make for an eligible spouse.
Transfer balance cap and taxation
The super reforms introduced from 1 July 2017 restrict the amount that a person may transfer to a super income stream or pension. This is known as the transfer balance cap. The transfer balance cap is currently $1.9m.
Consequently, even though a person can make a downsizer contribution, the contribution may not be able to the transferred to a pension account where the person has already exhausted their transfer balance cap. While the downsizer contribution remains in a super accumulation account, the investment earnings that accrue on the contribution will be taxed within the super fund at a rate of 15%. This contrasts with the retirement phase where the investment earnings on super benefits that are supporting an income stream or pension are exempt from tax at the fund level.
Furthermore, investment earnings that accrue on an accumulation account form part of the fund member’s taxable component of their benefit. This may have taxation implications where an individual’s superannuation benefit, on their death, is likely to pass to a ‘non-tax dependent’ such as an adult child of the deceased member.
By contrast, if the downsizer contributions can be applied to a retirement phase pension, the investment earnings that accrue are exempt from tax and form part of the member’s tax-free component.
Social security
A person’s main residence is generally exempt from the assets and income test when assessing entitlement for Social Security and Department of Veterans Affairs benefits, including the age pension or service pension.
However, selling the main residence and depositing the surplus sales proceed to a bank account, allocating to other investments, or making a downsizer contribution to super may result in amounts that have previously been exempt from the assets and income tests now being assessed under these tests. This may result in the loss of, or a reduction in the amount of pension being paid.
When the main residence is sold and the proceeds are to be applied to the purchase of a new main residence, that portion of the sales proceeds to be applied to the new purchase may continue to be exempt from the assets test for a period (generally up to 24 months). The amount to be applied to the purchase of the new home will however be included as deemed income, using the lower deeming rate, under the income test, until such time as the new home is acquired.
Investing Money within Superannuation
Most superannuation funds will provide their members with some flexibility in deciding how they would like their superannuation savings invested. The range of investment options will vary between funds with some funds offering only a small number of options, through to other offering hundreds of different investment options.
Unless you are an experienced investor, it would be prudent to seek specialist advice from a licensed financial planner before deciding where your superannuation savings are to be invested.

Components of a Superannuation Benefit
Accumulated superannuation benefits may be classed as a taxable component and/or a tax-free component.
For those people with an accumulation account, the tax-free component will generally be made up of any non-concessional contributions they have made to the fund. The taxable component comprises of concessional contributions, and investment earnings that accrue of both concessional and non-concessional contributions.
When a person commences to draw an income stream from their superannuation fund, the taxable and tax-free components are crystallised at the time the pension commences. Future investment earnings are apportioned between the taxable and tax-free components.
When withdrawing money from superannuation, benefits are apportioned between the taxable and tax-free components in proportion. It is not possible to select that a partial withdrawal or income stream payment be tax from one component only.

Taxation of Superannuation
Superannuation is concessionally taxed but is not necessarily tax free, except in certain situations.
- Non-concessional contributions are not taxed in the hands of the superannuation fund. However, non-concessional contributions that exceed the non-concessional contribution cap, are taxable in the hands of the person for whom the contributions are made.
- Concessional contributions are taxed as income to the superannuation fund to which they are made. The rate of tax is 15%, however contributions for a person with an adjusted taxable income of more than $250,000 per annum, are taxed at a rate of 30%. This is referred to as Division 293 tax.
- Income received by a superannuation fund on its investments is generally taxed at a rate of 15%. Where the superannuation fund is paying an income stream to a member or members, the income derived from the investments being used to support the income payments is generally not taxed within the superannuation fund. The tax exemption on earnings does not apply to pensions being paid under transition to retirement rules.
- Capital gains made by a superannuation fund, subject to meeting certain taxation conditions, are taxed as income to the fund (accumulation account interests) however they may be subject to a 33.33% discount. Capital gains derived from the disposal of pension or income stream assets are generally tax free to the superannuation fund.
- Lump sum benefits paid by a superannuation fund to it members are tax free to the extent the benefit is derived from a members’ tax-free component. Benefits that comprise of a taxable component are tax free if paid after the member reaches age 60. If aged under 60, the tax-free component of a benefit payment will be taxed on a sliding scale, depending on the age of the member at the time of withdrawing their benefit.
- Where a benefit is paid in the form of an income stream or pension, the benefit will be tax-free once the member reaches age 60. When an income stream is paid to a person under age 60, the income may be taxable depending on the components of the benefit, and the age of the member at the time the benefit is paid.
- For those who are members of older style public sector superannuation funds, and constitutionally protected funds are subject to taxation treatment that differs from that mentioned above.
Getting Money Out of Superannuation
Most superannuation benefits are preserved, meaning that they cannot be accessed until such time as a “condition of release” has been met.
The most common conditions of release include:
- Attaining age 65;
- Retirement on or after reaching preservation age;
- Death;
- Diagnosis of a terminal illness;
- Permanent incapacity;
- Temporary incapacity;
- Reaching preservation age but not retiring;
- Severe financial hardship;
- Compassionate grounds.
Specific restrictions apply to the release of superannuation benefits on grounds of temporary incapacity, reaching preservation age but not having retired, and in cases of severe financial hardship and compassionate grounds.
Preservation age is 55 for people, born before 1 July 1960. For those born after that date, preservation age is progressively increasing to 60 years of age, as set out in the following table:
Date of Birth | Preservation Age |
1 July 1960 – 30 June 1961 | 56 |
1 July 1961 – 30 June 1962 | 57 |
1 July 1962 – 30 June 1963 | 58 |
1 July 1963 – 30 June 1964 | 59 |
After 30 June 1964 | 60 |
Your benefits can be paid as a lump sum or an income stream, depending on your circumstances and the fund.
Lump sum withdrawals are usually tax-free if you are over 60. If you are aged between your preservation and 59, or a public servant with untaxed super, you’ll probably pay tax.
Some of the benefits from withdrawing a lump sum are:
- Clear debts, or pay other necessary expenses, which will save you money in the long run;
- Invest outside of superannuation and put it in a simple savings or investment product, such as a low-fee savings account or term deposit, or another investment that suits your needs. This may help ensure you have some cash for short to medium-term needs;
- You might be able to pay for something that was not affordable before, such as travel, home improvements or a car.
The drawbacks however are as follows;
- You may be tempted to overspend or live beyond your means until the money runs out;
- Spending now will reduce your retirement income in the future;
- Tax may apply to investment earnings outside super. Investments can grow tax-free in a retirement income stream.
An income stream is paid when you commence to draw a pension from your superannuation fund or account.
The benefits from an income stream are:
- Pay less tax. By keeping your money in the superannuation system your investment earnings are tax-free, and for most people over 60, income payments are also tax-free;
- Your money can be invested in a time frame that suits your needs;
- Your money may last longer if you withdraw it in stages as an income stream, rather than all at once.
The Government has set minimum amounts that must be withdrawn from your income stream each year. The minimum level of income you must draw is based on the balance of your superannuation fund at the beginning of the financial year, and a percentage factor based on your age. If you commence a pension part way through a financial year, the minimum income you must draw is pro-rated.
There is no statutory maximum to the amount of income you draw in a financial year unless your income stream is being paid under the “transition to retirement” rules. Where you commence a pension at any time between your preservation age and age 65, and you have not retired, the maximum amount of income you can draw each year is limited to 10% of your pension account balance.
The following table shows the minimum income payment that must be made on an annual basis:
Age | Income Factor – Standard | Income Factor – 2021-22 |
Under 65 | 4% | 2% |
65 – 74 | 5% | 2.5% |
75 – 79 | 6% | 3% |
80 – 84 | 7% | 3.5% |
85 – 89 | 9% | 4.5% |
90 – 94 | 11% | 5.5% |
95 and over | 14% | 7% |
A Non-concessional Contribution (NCC) is a personal contribution made to a superannuation fund by an individual for their own benefit or for the benefit of their spouse or children under 18 years of age.
NCCs are generally made from after-tax income, from savings, and from the sale of other investments and assets. NCCs may also be made from inheritances, gifts, and windfalls.
Where a tax deduction will be claimed for personal contributions, they are treated as a concessional contribution.
Superannuation Choice
Most employers allow employees to choose a superannuation fund for Superannuation Guarantee (SG) contributions to be paid into. You should check with your employer whether you are eligible.
If you are given a choice and don’t choose a fund, your employer will pay your contributions into a default superannuation fund that they have chosen.
Are You Eligible for Choice?
Employees who are employed under the following awards are generally entitled to superannuation choice:
- A federal award
- A former state award (notional agreement preserving state award)
- An award or agreement that does not require superannuation support
- No award or agreement
Certain federal and state public sector employees and members of certain defined benefit funds may not be eligible to choose their own fund. Choice also may not apply if the award determines the superannuation fund.
Which Contributions Does Superannuation Choice Apply to?
Superannuation choice applies specifically to SG contributions. Your employer can also pay other superannuation contributions to the chosen fund; however this is not a legal requirement. Other contributions include:
- Personal after-tax contributions
- Salary sacrifice contributions
- Voluntary employer contributions
If your employer decides not to pay these additional contributions to your chosen fund, the contributions will be made to the default fund chosen by your employer.
If you have a salary sacrifice arrangement with your employer, you should specify in the agreement which fund contributions should be paid into.
How to Make a Choice
Superannuation choice may be initiated by yourself or your employer. In either case you need to complete a Standard choice form and give it to your employer. This form is available on the Tax Office (ATO) website or from your employer.
When you start a new job, your employer has 28 days to give you a standard choice form. If you are an existing employee, you can ask your employer for a form at any time and they have 28 days to give you one, unless you have already made a nomination within the previous 12 months.
You are able to change the superannuation fund you have nominated but you can only make one choice in a 12-month period (unless your employer agrees).
Your employer selected fund often provides a minimum level of insurance cover. If you elect your own superannuation fund you will not have access to this insurance cover. It is important to ensure you have appropriate life insurance based on your circumstances before deciding not to be a member of the employer nominated fund.
General Advice Warning: The information in this Education Guide is provided for information purposes and is of a general nature only. It is not intended to be and does not constitute personal financial advice. Further, the information is not based on your personal objectives, financial situation or needs. You are encouraged to consult us before making any decision as to how appropriate this information is to your objectives, financial situation and needs. Also, before making a decision, you should consider the relevant Product Disclosure Statements available from your financial consultant.