Super in focus
Early start boosts super savings
for 18 to 25 year olds
While super is usually the last thing on your mind when you’re just starting out in the workforce, the decisions you make now can get your future savings off to a really strong start. Here are a few easy steps you can take to start getting your super into shape.
Consolidating accounts brings super benefits
If you’ve had a number of jobs in the past, the chances are your super is spread across more than one fund. With each fund potentially charging you fees that eat away at your savings, this isn’t the best choice. By bringing all your super together in the PSS, you can stop paying fees altogether and it will be much easier to keep track of how your savings are going.
Be aware that we have to pay roll-in amounts to you as a lump sum and you will not be able to withdraw the roll-in amount until you are no longer a PSS member. Remember that fund earnings (positive or negative) apply to the roll-in amount until you claim the benefit. For more information see the Rolling money into the PSS fact sheet.
Transferring all your super to the PSS is easy. Just download the Application to pay in a transfer value form or call us on 1300 000 377.
Small contributions add up to big savings
Unlike most other super funds, in the PSS investment returns largely don’t affect your final super benefit. Instead, it is the rate at which you choose to contribute that makes the biggest difference.
You can choose to contribute between 2% and 10% of your after-tax salary, or you can choose not to contribute at all. But the more you contribute, the bigger your final benefit will be.
For more information on your PSS contributions, check out the Contributing to the PSS fact sheet.
You can change your contribution rate at any time by completing the Change your contribution rate form.
Government offers super co-contribution to boost retirement savings
If your total income is less than $61,920*, and you chose to contribute between 2% and 10% of your after-tax salary, you may qualify for the government’s super co-contribution. If you do, the government will contribute up to one dollar for every dollar of after-tax income you put towards your super, up to a maximum of $1,000. Our Super co-contributions fact sheet has more information on how to qualify and how much you can get.
*Subject to eligibility requirements and caps which are explained in the fact sheet.
Super strategies target 18 to 25 year olds
You can get more information about the PSS and the right super strategies for this stage of your life by visiting the Lifestages page online.
‘Because I had a couple of casual jobs before I started in the public service, I had a few hundred dollars of super in different accounts all over the place. By bringing this all together in the PSS it’s much easier to keep track of how my savings are going and the paperwork is much simpler too.’– Kate, 24
