Organise your super

Organising your super can be tricky, but it doesn't have to be. Here are six steps to help you get the basics right. 

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Step 1: Review your insurance

Insurance through your super offers peace of mind, as it provides financial support in case you die or have to stop work, temporarily or permanently. It’s also often a lot cheaper than if you were to get it on your own.

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Step 2: Give yourself a bonus

Salary sacrifice could save you tax and it will help you save enough money for your future. If you set aside $100 from your take home pay, you’ll get $136^ in your super. That can add up over the long term and could mean an extra $249,500 in your super when you retire. 

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Step 3: Make sure your super goes to the right people

You need to let us know who to give your super to, in case something was to happen. We call this ‘nominating your beneficiaries’ and it’s an important part of getting your super organised.

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Step 4: Review your investment options

Your super is one of the largest investments you’ll ever make, so it’s important to know how your money is invested. With Mercer SmartPath (the default investment option for most members), the thinking is done for you by adapting your investments to suit your life stage – balancing age and risk.

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Step 5: Provide your tax file number

Make sure we have your tax file number. This can help you avoid paying extra tax on your super. So instead of paying 47% tax, you’ll be taxed 15% instead. You can see if we have a TFN on file for you by visiting the Personal Details page on Member Online. 

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Step 6: Combine your super

We can help you locate any other super you might have and combine into a single super account.

Disclaimer: We recommend you seek financial advice before deciding whether to combine your super accounts and to consider any fees or charges that may apply, and the effect a transfer may have on any existing benefits, such as your insurance cover, contributions or tax arrangements.

^Calculation assumptions. Rate of return 6.6%pa over 20 years. Contributions of $160 from gross pay made on a weekly basis throughout the period, starting at age 45 and finishing at 65. Tax calculations based on a taxable income of $100,000. Assumed adjusted taxable income between $37,000 and $180,000, such that only 15% tax paid on contributions and no rebate applies. Actual dollar values used with no adjustment for inflation. Difference in returns (which may be positive or negative) and fees will alter the outcome. Contribution caps have been assumed not to be exceeded. Rates current at 14 May 2021. The example shown may not apply to your own situation, so we recommend you consider your options carefully and seek financial advice about salary sacrifice. Salary sacrifice arrangements are subject to employer approval. Past performance should not be relied upon as an indicator of future performance.