December 16 2018
Saving a cup of coffee per day could add $128,000 to your super
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Extra contributions are a simple way to increase your super.
'Extra contributions', or 'personal contributions', are payments you make to your super after tax - for example, a lump sum you decide to deposit.
Anyone can make an extra contribution into their super, but it is important to note that this might not be the best option for your personal circumstances.
The Government sets limits on how much extra you can contribute to super without attracting contributions tax. If you are a low income earner, under certain circumstances you may also be eligible for the Government co-contribution.
Making extra contributions
Accumulation Plan members
If you would like to make regular contributions to your Accumulation Plan account via your payroll, simply complete the Regular Contributions form (PDF 77.3KB) and submit it to your Payroll department.
If you would like to make a lump sum contribution instead, it's as easy as putting money in the bank. All you need to do is complete the Lump Sum Contribution form (PDF 79.2KB) and transfer your deposit via Cheque, BPAY or Direct Deposit.
Defined benefit fund members
Your defined benefit fund is based on a specific formula, which means you are unable to make extra contributions to your defined benefit fund.
However, many ESSSuper members choose to partner their defined benefit fund with our Accumulation Plan, to keep all their super with the fund they trust.
Not only does this allow you to make extra contributions, but you can also enjoy other benefits such as rolling over other funds into ESSSuper, accessing an award-winning income stream, increasing your insurance, or using it if they change employers.
Find out more about the Accumulation Plan here
As a defined benefit member, you may also be able to grow your super by increasing your contribution rate.
As an ESSSuper member your spouse or de facto partner is eligible to open an Accumulation Plan or Income Stream with us.
Your spouse or partner will be eligible for other benefits that are enjoyed by ESSSuper members. They may choose to contribute their Superannuation Guarantee, salary sacrifice or make extra contributions to their account too.
Under certain circumstances, you may benefit from contributing to your spouse's account as well as your own.
Find out more about spouse contributions here
Important things to consider
Limits apply to super contributions and exceeding government contributions caps may have tax implications for you. Learn more about contributions caps on the ATO website, or contact us to speak with a Member Education Consultant before making any decisions.
After tax contributions may not be the best option for you. Make sure you are aware of all of your options, such as Salary sacrifice, and Spouse contributions, before making any decisions. Need some help? Find out how we can help you learn more about your options here.