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.
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
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. Contributions that exceed your contributions caps may have additional tax applied to them. The contributions caps change from time to time. Up to date information is available on the ATO website at ato.gov.au.
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.