Retirement and Super > Superannuation
Superannuation
Super is an important part of your overall retirement plan. APS Benefits can assist you in selecting the best superannuation product for your needs.
How does superannuation work?
Superannuation, commonly known as “super,” is a pension program established by the Australian government to help citizens save for their retirement. The system is designed to accumulate savings through contributions made by employers and, optionally, topped up by employees. These funds are then invested over the long term to provide a nest egg for the employee’s retirement, supplementing the national age pension.
Superannuation in Australia is funded primarily through compulsory employer contributions, set at a minimum rate. These contributions are invested in a super fund, which operates like a trust where the money is pooled with other members’ funds and invested in various assets to achieve growth over time.
Contributions are made into a registered super fund, where they benefit from the concessional tax rate of 15%, significantly lower than most personal income tax rates. This makes superannuation an effective tool for saving and tax planning, aimed at providing you with financial security during your retirement years.
What are the different types of super funds?
Choosing the right type of super fund can have a significant impact on the eventual size of your retirement fund due to differences in fees, investment strategies, and performance.
- Retail super funds are often run by banks or investment companies and might offer a wider range of investment options, suitable for people who want more control over their investments.
- Industry super funds were originally created for workers from specific industries, but are generally open to anyone today. They are known for having lower fees and are run to benefit members, with profits returned to members rather than shareholders.
- Public sector super funds are for government employees and often include both accumulation and defined benefit funds.
- Corporate super funds are arranged by employers for their employees and can sometimes offer lower fee structures because of the scale of the corporate sponsor.
- Self-managed super funds (SMSFs) allow members to have direct control over their investments. They are most suited for those with a high level of financial and legal knowledge and significant assets to justify the costs involved.
Our Superannuation Specialists
With over 25 years of experience each, Tim Foster and Paul bring a wealth of knowledge and a personal touch to Financial Planning at APS. Tim launched our Financial Planning department in 2006 and is known for his simple, straightforward strategies that help clients maximise their financial assets. As a Certified Financial Planner (CFP), Life Risk Specialist (LRS) and Advanced Diploma holder, he also has extensive expertise in Government Superannuation funds and is often called upon to share his knowledge at seminars. Paul’s background spans wealth creation, cash flow management, retirement planning, Centrelink strategies, insurance, debt minimisation and superannuation. He has guided clients from all walks of life, from wealth accumulators to retirees, and takes pride in making financial advice clear, practical and supportive. Together, Tim and Paul take the time to listen, understand, and tailor strategies that give you clarity and confidence at every stage of life.
Superannuation FAQs
How to withdraw your superannuation
Withdrawing your superannuation can be done as a lump sum or as a pension that provides regular payments. Deciding the best method to withdraw your funds should take into consideration your financial needs, tax implications, and personal circumstances. It’s advisable to consult with a financial advisor to plan the most effective withdrawal strategy.
How to find and check your superannuation
Monitoring your superannuation is crucial to ensure that your employer is making the correct contributions and that your investment choices are performing as expected. You can check your superannuation by using online services provided by your super fund or through myGov, where you can see all your super details, including any lost or unclaimed money.
How to find lost superannuation in Australia
It is not uncommon to lose track of superannuation, especially if you have changed jobs frequently. To find lost super, you can use the ATO’s online services via myGov. The service will show details of both active and inactive super accounts, allowing you to claim or rollover any funds into your active account.
How to invest superannuation
Effective investment within your super involves understanding your investment options and their risks. Most super funds offer a variety of investment portfolios that range from conservative to aggressive. Your choice should reflect your risk tolerance and the time you have until retirement. Regularly reviewing your investment choice is recommended, especially as you approach retirement.
Superannuation planning with APS
We offer personalised superannuation planning services to help you understand your superannuation options and make the most of your retirement savings. Our friendly experts are skilled in tailoring strategies that align with your financial goals and circumstances, providing you with confidence and peace of mind as you plan for retirement.
We’re here to help you
Reach us from 9:00am until 5:00pm weekdays
Notices & downloads
| Financial services guide Timothy Foster and Paul Hatzigeorgiadis (PDF, 331KB) |
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Important information
APS Financial Planning Pty Ltd and its advisers are Authorised Representatives of Beryllium Advisers Pty Ltd ABN 30 646 510 769 AFSL 528250