The five things you need to know about super

Super |  Date Posted 19 November 2025

Most people are aware that their employer generally pays a percentage of their salary to their super fund. This is called a Super Guarantee (SG) contribution. You can also choose how this money is invested by making an investment switch, or simply stay with the option your super funds picks for you (which is usually their MySuper or default option). But did you know there are other things you can do that can make a difference to how you grow and manage your super? In this article, we discuss the five things you should be across when it comes to super.

1. NOMINATING BENEFICIARIES

It’s important to think about what happens to your assets when you pass away. And that includes who’ll receive your super or pension benefit. Did you know that if you have a valid binding nomination on your super account, your super will be paid according to your wishes? If you don’t, then your super fund must decide. For pension accounts, you can make a reversionary nomination or binding nomination, to ensure that your pension is paid according to your wishes.

Nominating a beneficiary can help make sure your super or pension benefit goes to where you want it to. Read more about choosing a beneficiary.

2. ACCESSING YOUR SUPER

Super is a way to manage your retirement savings. You can generally only access it when you retire or reach ‘preservation age’, which is age 60. There are very limited circumstances when your super can be accessed ‘early’, such as becoming permanently incapacitated or terminally ill, or if you’re under financial hardship or meet specified compassionate grounds. These are known as conditions of release.

It’s important to know the rules, as accessing your super early is illegal when you don’t meet one of these conditions. If you do, you could lose your retirement savings and be hit with huge penalties. You also need to be aware of people who offer to help you access your super early. These people, also known as ‘promoters’, may tell you they can set up a self-managed super fund (SMSF) in your name so you can access your super to buy a house to live in, or go on a holiday. But this is also illegal.

Did you know?

Team Super members have access to a secure online account, which is available 24/7 and provides easy, immediate access to your account. You can check your inbox, account balance and transactions, update your details or switch investment options whenever it suits you.

3. CHANGING JOBS

If you’re changing jobs, your new employer should ask you which super fund you want them to pay your super contributions to. To make it easy for Team Super members, you can simply download and fill in the Super Standard Choice form, then share it with your new employer. 

If you don’t tell your new employer which super fund you want them to pay your super to, they’ll need to check with the Australian Taxation Office (ATO) to see if you have a ‘stapled super fund’. If you do, then they’ll have to pay your super into that fund.

4. INSURANCE IN SUPER

Insurance can give you peace of mind as it provides financial support to protect what’s important to you if you die or must stop work due to illness or injury. Super funds typically have three types of insurance for members:

  • Death and Terminal Illness Cover (also known as life insurance)

  • Total and Permanent Disability (TPD) Cover

  • Income Protection (IP) Insurance

Deciding if and how much insurance is best for you depends on your circumstances, such as your age, whether you have dependants and the amount of savings or other income you have. It’s important to check if you have any insurance on your super account, as often this is automatically applied when you meet certain eligibility requirements.

For more information about insurance available via Team Super, head to the Insurance explained page.

5. GROWING YOUR SUPER

Investing extra money into your super is one way you can help set yourself up for a comfortable retirement. One of the great benefits of super is that earnings are taxed at a low rate. So, unlike other types of investments, any earnings you make on your super will be taxed at a maximum of 15% instead of your marginal tax rate.

SMALL CHANGE NOW CAN MEAN A BIG CHANGE LATER

Adding an extra $20 a fortnight to your super, could mean an extra $30,100 in retirement*. You see, even small contributions can really snowball over time. And the earlier you start, the better, as these good habits can really pay off in the future! Check out this Industry SuperFunds calculator to check how small changes now can grow your retirement savings over time.

TURN TO YOUR TEAM

If you have any questions about super in general or about your Team Super account, you can reach us on 13 64 63, Monday to Friday, 8am to 6pm, or submit an enquiry online. We can also put you in touch with Team Super Financial Advice for additional support to help you decide what’s right for you. Team Super members are entitled to a complimentary appointment. And did you know? Advice on how your account is invested is at no extra cost, but there are fees associated with providing personal financial advice. During your appointment your adviser will discuss the fees and how you’d like to proceed.


Meet the team to request an appointment with Team Super Financial Advice.

Team Super financial advice
“A couple of older guys at work, they've actually asked me about the online account. So we’ve shown them, we've got them hooked up, put their password in and now they're using it.”

Simon

Team Super member for over 20 years

* Calculation made using Industry SuperFunds Super contribution calculator. Based on a 30 year old earning $80,000 pa with a super balance of $50,000 and adding $20 per fortnight as a before-tax contribution. Calculation as at 19 November 2025.

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