|
|
|
|
Super is a way of saving for your retirement. So when you finally stop working, you can continue to fund your lifestyle and enjoy a well-earned retirement.
Your employer makes contributions to your super account and you may add to these by making additional contributions out of your before or after tax income. Your super fund looks after the money and invests it in a range of assets like shares, property and bonds.
Defined benefit funds
If your super fund is a defined benefit fund your benefits are based on:
| BENEFIT |
 |
• Salary
• Period of membership
• Age
• Contribution rates during membership |
Members in a defined benefit fund have their benefit guaranteed; retirement benefits are not impacted by negative returns in the market.
ESSSuper defined benefits include:
- ESSS Defined Benefit Fund
- Revised Scheme
- New Scheme
- Transport Scheme
- SERB Scheme
Accumulation funds
If your super fund is an accumulation fund your benefits are based on:
| BENEFIT |
|
Contributions |
 or  |
Investment Returns |
|
Expenses
& Tax |
ESSSuper accumulation style funds include:
- Accumulation Plan
- Spouse Account
- Working Income Stream
- Retirement Income Stream
- Beneficiary Account
The Government applies low tax rates to super making it a tax-effective way of saving for retirement, or converting it into a regular income if transitioning to retirement or if you have fully retired.
|
|
|
|