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Superannuation in Australia
What is superannuation?
One of the amazing things about Australia is the system for funding retirement. It is called superannuation or super. Many new arrivals know the term ‘pension fund’, so the first thing to know is a super fund is just the Australian name for a pension fund.
New arrivals are often surprised to find that an amount equivalent to over 9% of their income going into super! Here are a couple of things you should know.
Yes you have to pay it – superannuation is compulsory in Australia. By law all employees contribute from the day they start work. If you are only here for a few months you can get the super back when you leave.
One of the real problems with super starts if you work in different jobs - you may end up with several super accounts and then you are paying multiple fees. In most work places you have the right to tell the employer where you want your super paid, so be sure to just keep one super account.
If you are moving to Australia permanently some other countries allow you to bring over your pension, for example UK and New Zealand have arrangements for this.
With so much money involved you may still have questions, try looking
To set up your superannuation account you will need to know your new
super funds’ Unique Superannuation Identifier or USI. You can find
these codes here
The most popular fund is Australian Super, their codes are here
When you leave Australia be sure to apply for a refund of your super,
the instructions are at https://www.industrysuper.com/understand-super/super-basics/super-refund/