It’s made up of compulsory payments, such as the Super Guarantee (SG) contributions your employer pays for you, and non-compulsory payments, such as the amounts you put in to boost your super savings.
It’s there to provide savings for your retirement and for that reason there are
strict rules
on when you can access your super savings.
Your super fund will charge certain fees and costs to cover the cost of administration and investments. You will also pay premiums for any insurance cover you have in your super account. Insurance in your super can be a tax effective way to access cover, but is not compulsory, you can opt out at any time.
Your super savings are invested according to your investment choice and the returns from these investments are added to your account. If you keep contributing to your super, you can expect it to grow over time, depending on your
investment choice
and on the amplifying effect of compound interest.
When thinking about your super it’s important to take a long-term view. Over the short term it will fluctuate up and down, depending on your contributions and the performance of your investment choices.
At ANZ Staff Super we position our investments to perform favourably over the long term, while seeking to protect members’ balances during periods of short-term market volatility.