Why is super so important?

What’s the point of super?

Super is simply the pot of money you live on when you stop work. Of course there’s the Age Pension, but that probably won’t be enough to live on comfortably. That’s why your super is so important. It can help you enjoy the lifestyle you want, after you finish work. And as life expectancy rates continue to rise, you may need those funds to last for a quarter of your life or more.²

Retirement may seem a long way off right now, but that is in your favour. Your defined benefit fund calculates your benefit according to the rate you contribute over time. So the more years you contribute at the highest rate, the quicker you’ll reach your maximum benefit multiple.³ And if you have an ESSSuper Accumulation Plan, the more you contribute when you’re younger allows the magic of compounding interest to grow your funds.¹

Super may not be your top priority right now. There may be plenty of other demands on your hard-earned money, from paying rent or a mortgage, to supporting a family. But it’s still important to regularly check on how your super is going.

Keep an eye on your balance

You can check your current super benefit at any time by logging in to Members Online. While you’re there, take a moment to use the benefit calculator to predict your final benefit. You can also update your contact details to make sure you receive important notices about any changes to super that may affect you.

Don’t waste money on fees

Most people have a number of different jobs in their working life, even if it was working at a bakery or pub when you were younger, and that means you may have some lost super. Each account may have an administration fee.¹ The more accounts you have, the more fees you will pay. Plus, there could be insurance premiums being deducted from each account.¹ You can quickly find any lost super you have and consolidate it using the live super search tool on Members Online. You should check any relevant exit fees you may incur, or any insurance arrangements that may be forfeited, or any other effects this transfer may have on your benefits, before rolling your money into our fund.

We're here to help

A great way to find out more about you super is to attend one of our free 'Unlock your Super’ seminars. It’s an opportunity to hear from experts in your fund and ask questions. Seminars can fill up quickly, so be sure to book your place early. If you’d prefer to speak with someone face-to-face, make an appointment with one of our Member Education Consultants. They’re the experts in your fund and there's no fee for the general advice they can give you.