Superannuation industry
What is Superannuation?
Superannuation helps solve the problem of how we afford to live comfortably in retirement. Put simply, we set aside funds during our working lives for use in retirement. Introduced nationally in 1992, employers are required by law to pay a proportion of an employee's salary (currently 9%) into a superannuation fund or retirement savings account.
Also known as SG, or Superannuation Guarantee, the law applies to all working Australians, except those earning less than $450 per month, or aged under 18 or over 70. Individuals can choose to make extra voluntary contributions to their superannuation and receive tax benefits for doing so.
A pretty big piggy bank
After over a decade of compulsory contributions, Australian workers have over $1.177 trillion saved in superannuation. Australians now have more money invested in managed funds per person than any other economy.
How does Superpartners fit into the industry?
We focus on Industry Super, providing administration services at the lowest possible cost and an unparalled breadth of market leading products and services to Clients, their members and employers.
We administer contributions, benefits, member and employer communications, online services, insurance, claims, investment and retirement services.
We’re the largest superannuation administrator in Australia, servicing over six million member accounts and over 450,000 active employers.
What are Industry Funds?
Some of the biggest Superannuation names in Australia are Industry Funds, including AustralianSuper, Cbus, HESTA and HOSTPLUS. They are multi-employer superannuation funds, designed exclusively for the benefit of members, which normally cover employees in a particular industry or group of industries, or in a particular geographic area.
Members include working Australians from all walks of life and industries. Because of their scope, industry funds tend to have a large membership base. Their scale, and the fact that they are "not-for-profit" and do not pay any fees or commissions to agents, make them extremely effective in keeping down costs to members.
Who runs Industry Funds?
These funds have trustee boards with equal representation for employers and employees. Examples of major Industry Funds can be seen here.
Links
Superannuation Dictionaries
Super Fund Websites
Other
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