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Where does my superannuation go when I start a new job?

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  Published: 28 Feb 2018

You can take your superannuation account with you

When starting a new job, retirement is often the last thing on your mind and choosing a super fund can seem like a hassle. However, one of the best things you can do to secure your future is to get your superannuation in order. This will make a world of difference when you get to retirement.

Do I have to join a new super fund when I start my new job?

When you start your new job, your employer should ask which super fund you’d like them to make your super contributions to.

If you don’t provide your preferred super fund details, your employer will choose a default fund for you, which is often an Industry SuperFund. However, this could mean an additional super account for you with additional fees which could eat away at your retirement savings. So make sure you consolidate any additional super accounts you have into your fund of choice.

Generally, you don’t have to join your employer’s default super fund. You might already be a member with another super fund, or might want to shop around to find a high performing fund, such as an Industry SuperFund.

If your employer doesn’t provide a choice of fund form, you can use this one.

How much super does my employer have to pay me?

Your employer must pay 9.5% of your income into your nominated super fund if:

  • you’re over 18 and earning more than $450 in a month, or;
  • you’re under 18 and work more than 30 hours a week (still earning more than $450 in a month).

If you’re unsure whether or not your employer is correctly paying your super, you can check by looking at your pay slip. This is required to show the amount of super you’re getting. If you think your employer is not paying your super contributions, then follow these steps outlined by the Australian Taxation Office.

Which super fund should I choose when I start a new job?

Depending on your circumstances, it might be best for you to either stay with your original super fund or choose a new one. If you decide to switch super funds, make sure you’ve consolidated your funds to a single account, and choose a super fund that best suits your needs.

More than 5 million Aussie workers already belong to Industry SuperFunds, funds which have strong investment performance history* and are run only to benefit members.

This article was first published in February 2018. The information referred to may change from the date of publication and care should be taken when relying on such information. 

*Past performance is not a reliable indicator of future performance. Consider a fund’s Product Disclosure Statement (PDS) and your personal financial situation, needs or objectives, which are not accounted for in this information, before making an investment decision. ISA Pty Ltd ABN 72 158 563 270 Corporate Authorised Representative No. 426006 of Industry Fund Services Ltd ABN 54 007 016 195 AFSL 232514.

*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

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To learn more about one of the Industry SuperFunds below click on their logo.