Learn how superannuation works

Learn everything you need to know about superannuation – how it works, how you can boost your super savings and how your super could provide you with valuable life insurance cover.

Superannuation is an investment designed specifically to help you save for retirement. That makes super your money to prepare for the best financial future.

Your super is likely to be one of your most valuable assets by the time you retire. Taking control of your super today could mean enjoying a more rewarding tomorrow.

You may not be able to access your super during your working days, but it is still your money which means it is worth checking your super balance regularly.

Billions of dollars are sitting in lost and unclaimed super accounts and some of that money could be yours. We explain how to reunite with lost super.

Having just one super account could be a sensible strategy. It may mean saving on account keeping fees and it helps you to keep track of your super all the way to retirement.

There are a range of strategies you can tap into to help grow your super. Try just one or embrace them all to boost your super savings over time.

Knowing how much super you will need in retirement depends on key factors including your preferred lifestyle, how long you will work for and your life expectancy.

We explain the rules about how much you can contribute into super each year, and when you can start to draw on your super, in line with your age and lifestage.

Your super could help you wind down from the workforce gradually or, as your prepare for retirement, you may be able to use a transition to retirement strategy that give your super a final boost.

Keeping tabs on your super – even in retirement, can help you manage your retirement savings to help ensure you are on track to achieve your goals.

Retirement is a time to make every dollar work harder. We explain strategies to help you make the most of all your investments including superannuation.

There are good reasons to choose BT for your super solution, and give your retirement nest egg the benefit of our experience, our expertise and our flexible range of superannuation options.

With BT Super for Life, you can conveniently manage your super online, alongside your everyday banking, and access a range of investment options that evolve with you throughout your life or by choosing your own investment mix.

  • Manage online with your everyday banking

  • Account options that vary to reflect your needs

  • Intelligent investment options

  • Help with tracking down any lost super

  • Help with transferring your super

Do you have a question about managing, growing or protecting your money?

We offer a range of simple super solutions that you can consider throughout your working life and during retirement.

We offer three levels of financial advice: general advice, personal advice on specific needs and personal advice that looks at your whole picture.

We'll help you build, grow and protect your money. You'll also find insights from BT experts to help you get started.

Information current as at 15/08/2016.

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.

Superannuation is a long-term investment. Generally, contributions to a superannuation fund are preserved. The government has placed restrictions on when you can access your preserved benefits. In general, benefits will not be able to be paid until a member is age 65, or has permanently retired and is above his/ her preservation age (i.e. 55 years up to 60 years depending on when the member was born).

The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. Currently the cap is $30,000 per person pa for the 2016/17 financial year. If you are aged 49 or over on 30 June 2016, the annual cap is $35,000.

In addition, the government has set a non-concessional contributions cap. The cap is $180,000 per person pa. Those under age 65 can ‘bring forward’ two years’ worth of personal contributions, allowing them to contribute up to $540,000 per person over a three year period. However, in the Federal Budget announced on 3 May 2016, the government proposed to introduce a lifetime cap of $500,000 on non-concessional contributions, which would include non-concessional made since 1 July 2007. For more detail, speak with a financial adviser or visit the ATO website.

Before requesting a rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit, or other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or level of benefits after the rollover. You may not be covered for injuries or illnesses that have arisen since you took out previous insurance, and you may lose loyalty benefits.