Superannuation (or super) is a percentage of your salary that’s put aside to be accessed when you retire. Decisions you make about your super throughout your working life can shape the kind of lifestyle you have when you’re older. Knowing how it all works can give you the best chance of having a greater retirement.
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Read the transcript
What is superannuation?
So what is superannuation? And how does it work?
Think of superannuation like a savings plan for your future.
Superannuation is a long-term investment. So right through your working life, your employers will be making regular payments, called 'contributions', to your super account. These payments are made on top of your regular income.
Over the years, your super fund will invest your savings with the goal of earning interest on your balance.
Compound interest, where the interest you earn goes on to earn interest of its own, can help your balance grow larger over time—getting you set for an even greater future.
When the time comes for you to retire, your savings, and any interest they've earned over the years, are ready and waiting for you to live your best life.
But just because you won't be withdrawing your super until later doesn't mean you can't get involved with things now.
Depending on your goals, you might like to add some extra cash to your super to help you get a head start on your future savings. In some cases, there may be tax benefits for making extra contributions.
You also have a say in how your money is invested over the years. Most super funds will have a range of investment options for you to choose from.
Some options will be more conservative and less volatile, potentially offering lower rates of interest.
Some will be higher risk and more volatile, potentially offering higher returns on your money.
How you invest your super is up to you. Take a look at what's on offer with your fund and make a choice. After all, it's your money.
If you need some help deciding on what's right for you, UniSuper has different levels of financial advice available.
Super consultants can help you with general information, answering questions about your account and the options available to you. This service is available to anyone, at no extra cost, even if you're not a UniSuper member.
We also offer paid advice options which help you dig deeper into your goals and set out a more comprehensive financial plan for your future.
And there you have it. That's superannuation. Drop by unisuper.com.au/super to learn more.
The information contained in this video is of a general nature and doesn't consider your personal circumstances. Before making decisions, consider the relevant PDS and TMD on our website and your circumstances, and whether to seek financial advice. Investment returns can be positive or negative. Past performance isn’t indicative of future performance. UniSuper Advice is operated by UniSuper Management Pty Ltd ABN 91 006 961 799 (USM), which is licensed to provide financial product advice. USM is also the administrator of the fund UniSuper ABN 91 385 943 850 (UniSuper). UniSuper Limited ABN 54 006 027 121 is the trustee of UniSuper.
Who contributes to your super?
Generally, at least 11.5% of your salary goes to your nominated super fund. This amount is called the Super Guarantee (SG) rate and is the minimum amount your employer pays into your nominated fund. The SG rate is set to increase to 12% in July 2025. Make sure you’re up to date on changes to superannuation by visiting our page on super changes.
You can also grow your super through several means, including by adding to your employer’s contributions through salary sacrifice.1
Your super stays invested
Your super generates returns throughout your life. Depending on your product, you can choose how some or all of your super is invested. We offer a range of investment options that deliver different returns based on the chosen investment strategy.
You can learn more about our returns by visiting our page on investment performance.
See if you’re on track with your super
It’s important to monitor your super closely. We're dedicated to keeping our members informed about their super and how to grow it through contributions. Use our Retirement Savings Calculator to estimate your super balance and check if you're on track for your goals or need to address any superannuation gaps.
Your super can include insurance
Depending on your account and preferences, you could have death, disability, and income protection cover.
Why UniSuper?
Competitive fees
We’re committed to keeping our fees competitive with the market, while delivering optimal returns to our members.
Super performance
We have a record of long-term investment returns, helping our members grow their accounts for their retirement.
Learn about our personal account
Our Personal Account gives our members an easy-to-manage account with competitive fees.
Managing your super account
Consolidate super accounts
Stop paying unnecessary fees and costs if you have more than one super account by consolidating your super.2
Find lost super
You may have lost super if you’ve changed jobs, moved home, or changed your name. Add to your super account by reclaiming your lost super today.
Starting a new job
You can stay with us when you change jobs, even if you’re changing industries. You can easily complete the process by providing your new employer with a few details to have your super paid into your UniSuper superannuation account.
Nominate a beneficiary
Save your loved ones time and stress by letting us know who you want to leave your superannuation to.
Compare UniSuper
We’re one of Australia’s largest3 member-first super funds. Learn more about our performance and low fees.
Make the most out of your superannuation
Get financial advice
Our financial advisers can help you maximise your super or can assist you in learning more about your investment options.
Include insurance
With UniSuper, your superannuation may automatically include insurance. You may be able to add it on or top it up with extra insurance to give you cover that’s tailored to your needs.
Grow your super
Manage your account from wherever you are with our award-winning app. Check your estimated balance, review your investment options, keep up with recent transactions and more.
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Things you need to know
1 Contribution caps and eligibility criteria apply.
2 Before combining your super, consider the possible effects this might have on things like the fees you pay, the conditions of your insurance (including whether you can transition your insurance in your other fund to UniSuper) and the tax on your super. There could be other effects too, so it’s best to seek financial advice if you’re unsure.
3 647,000 members and over $139 billion in funds under management as at 30 June 2024.
The information is of a general nature and doesn’t consider your personal circumstances.