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Learn about super

The balance in your super account is your money. Chances are it’ll also be one of the biggest investments you make. Understanding how super works will put you in a good position to make the best choices when it comes to super.

Why is super important?

Superannuation is your money. By making regular contributions over the course of your working life, you will eventually have a lump sum of money that can help pay for your life after work.

What is the Super Guarantee?

Superannuation is your money. Here in Australia, it’s compulsory for all employers to make superannuation contributions on behalf of their qualifying employees.


MySuper is an initiative of the Australian Government and means that super funds, like those chosen by your employer, are required to offer a product that is simple, cost-effective, and provides minimum levels of insurance cover.

Choosing a superannuation fund

Your choice of superannuation fund can make a big difference in terms of your end result.


Most super funds offer their members life and disability insurance, and any employer default fund is required to offer its members a minimum level of life insurance, depending on their age.

Accessing super early

Being diagnosed with a serious illness, injury or experiencing severe financial hardship, may enable you to access your super before you retire.

Things you should know

This is general information only and does not constitute any recommendation or personal advice. It has been prepared without taking account of your objectives, financial situation or needs.

The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. It has not been prepared by a registered tax agent. You should seek independent professional tax advice from a registered tax agent about any liabilities, obligations or claim entitlements that arise, or could arise, under a taxation law.

Superannuation is a long-term investment. The Government has placed restrictions on when you can access your preserved benefits. The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. In addition, the Government has set a non-concessional contributions cap. For more detail, speak with a financial adviser or visit the ATO website.

There is no charge for accepting any rollovers, however before requesting the rollover, you should check with your other fund(s) to determine whether there are any exit fees for moving your benefit, or other loss of benefits (e.g. insurance cover). There may be limited circumstances where your employer is not required to accept your Choice of Superannuation fund form e.g. if you have already exercised Super Choice in the last 12 months.

This information may contain material provided by third parties and is given in good faith and has been derived from sources believed to be accurate at its issue date. Information that has been provided by third parties has not been independently verified and the Westpac Group is not in any way responsible for such information.

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714