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 $1.305 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 1 million 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

We care about the environment and aim to reduce the amount of paper we use. We're proud that nearly 1 in 2 employer submissions are received electronically

Steve Kolarik

Passionate Client Relationship Manager
Talented saxophonist

Primarily my role as the IT and Project Delivery Client Relationship Manger, is to act as a conduit between our clients and the Superpartners IT team. It means that I’m in regularly contact with new technologies that assist our clients in achieving their strategic goals. My role also involves working as an IT partner to our own internal business clients. This inevitably provides me insight into the goings-on within Superpartners and allows me to contribute to ways in which IT can further improve its systems and processes.

As much as I love technology, I try and spend my weekends away from it (IT). If I’m not getting my hands dirty working on a project around the home, like building a pergola or re-landscaping the backyard/front yard, chances are I’m off on holidays somewhere. Nothing beats experiencing life’s cultural diversities for yourself rather than seeing it through the eyes of a TV programme presenter. There are a lot of wonderful people and places to visit and enjoy in this world and whilst I can I intend on seeing as much of it as possible!