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Super myth busted: My employer controls my super

Super myth busted: My employer controls my super

Did you know that your employer must contribute to your super, but at the end of the day you are responsible for it. Take control of your super today.

Myth: My super is tied to my employer

When we start a new job, we’re asked to pick a super fund. Sometimes it’s the same super fund as our last job, sometimes it isn’t. 

Many of us don’t think too much about it – we’re focused on setting up our bank details and settling into the new job. Besides, it’s money we know we can’t touch until we’re retired and we assume our employer sorts it out in the background.

On average, nearly half of Australians have more than one super account, simply as a result of switching jobs and sticking with each new employer’s default super account. 

Fact: You are responsible for your super – not your employer, not the government.

By law, employers must contribute 9.5% of our salary to an employee’s super fund each quarter, but it’s up to each individual to make sure the payments are being made. 

Remember, super is real money that belongs to you. The government sets rules for your employers about super, but there is no guarantee that all employers follow them. In fact, research shows that Australian employees can lose an average $3,750 per year in unpaid super if their employers don’t contribute correctly.  

It’s time to take control 

Taking control of your super is pretty simple. Your super fund will send you a regular statement with your super balance and all you need to do is check that payments are being made.

Make checking your super suit you – you can decide if you want balance updates via mail or email, and some super funds can be viewed alongside your everyday banking accounts via a mobile phone app. 

Log onto NetBank to consolidate your super in a few easy steps or you can open an Essential Super account today. If you’re concerned that your employer has missed super payments to your account, you can get government assistance at Unpaid Super.

Things you should know: This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information.