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dixie
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Hi Nix,

Super is pension they pay over and above the salary.

Hope this helps.

Nats

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oh,ok

Thanks.

Just trying to work out to see if it is worth me working or should just rely on hubby's salary.

We have 2 small kids, and I am sure they want mom at home!

Thanks again

Nikki

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Hi Nix76

Let me explain in a nutshell. In Australia, every employee must receive 9% of their normal income (normal hours, leave and sick leave hours and commission, but not bonuses or overtime) paid into a superfund of their choice. It is like a pension, just another name. You as an employee do not have to contribute anything towards this, however, you are welcome to make a contribution from your side as well. Of course the more money that goes into your superfund, the better your retirement will be one day. As part of your super you will also get life and disability insurance. Please look at the amount of insurance offered, as it is minimal, however, you are allowed to increase this to a much higher level, of course with an adjusted payment. There are two types of superfunds, one is the industry funds (excellent choice, make sure you use one of them) the other is private funds (stay away from them if you can, they are offered by banks and insurance companies with hefty fees). Hope that has helped.

You do not have any access to the money in your fund until you are of pensionable age. In an instance of dire straights, you may apply to get some access, but it would have to be something really serious.

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