What is super?

What is super?

Your super is your money, so take the time to learn about it.

Super is your retirement fund, or the money you can access in your retirement (and in some cases, before) to afford your lifestyle once you stop working.

Your employer pays a percentage of your earnings into your super fund. Currently, the standard is 10.5% of your superannuation salary, however some employers have a higher contribution rate.

The money in your super fund is invested into different assets depending on which investment option(s) you are in. These can be assets like Australian shares, international shares, bonds and cash. For many people, their super is the biggest investment they’ll ever make.

Growing your super

Your super is your future. While you are working, you will receive continuous contributions from your employer, but there are extra ways you can grow your super. You can make after-tax contributions, before-tax contributions, and you can consolidate your super into one fund if you find you have multiple from previous employers.

Have a say in how your super is invested

When you join a super fund, you’re automatically invested into that super fund’s default option. At Super SA, if you’re in the Triple S scheme you’ll be invested in the default Balanced Option. Around 90% of our members are in this option.

However, there are seven different pre-mixed investment options for you to choose from. The Balanced Option may not be right for you, so take a moment to consider your financial goals and your risk profile before you make a decision on your investment choice1. If you’re unsure about what your risk appetite may be, you can take our Risk profiler quiz, which will give you a report on your risk profile that you can download and save for future reference.

Staying on top of your super

While you don’t need to check on your super every single day – and in fact, you shouldn’t – it’s a good idea to check it every now and then to ensure you’re on track to hitting your retirement goals. You can do this via the Member Portal. Within the portal, you’ll be able to see your recent contributions, your total balance, your investment choices and your current insurance.

If you’re unsure whether your current super balance puts you on track for retirement, you can use the Super projection calculator to check. 

Your super is unique to you

At Super SA, we encourage you to seek professional financial advice on your financial planning needs. You can choose your own financial planner or you can take advantage of the service available through Industry Fund Services (IFS). If you don’t have an existing relationship with a planner, you can contact the Financial Planning Association (FPA) and access their “Find a Planner” service to locate an FPA member near you. The financial planners at IFS can advise you about the options available to SA public sector employees.

IFS offer two advice pathways for Super SA members – Limited Advice and Comprehensive Advice.

If you would like to learn more about financial planning, or to make an appointment with an IFS planner, please call the Super SA Advice Administration team on 1300 162 348.

1 You should seek financial advice before making any decision about your super or investment objectives.

The superannuation schemes administered by Super SA are exempt public sector superannuation schemes and are not regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Prudential Regulation Authority (APRA). Super SA is not required to hold an Australian Financial Services Licence to provide general advice about a Super SA product. The information in this publication is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Super SA recommends that before making any decisions about its products you consider the appropriateness of this information in the context of your own objectives, financial situation and needs, read the Product Disclosure Statement (PDS) and seek financial advice from a licensed financial adviser in relation to your financial position and requirements. 
1 The FHSS Scheme is not available within Triple S Lump Sum & Pension schemes.

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