Super

What is Super?

Super is money you save and invest for your retirement. Your employer must pay a percentage of your earnings into your super account, and your super fund invests the money until you retire.

How it works

Join NESS Super

• You can join the Fund through MemberAccessor by completing an application form available on the forms page.
• Read the NESS Super Product Disclosure Statement (PDS) for information about our super product.
• Read the NESS Super Target Market Determination (TMD) to see if this product is right for you.

Choose an investment option

• You can choose how your super is invested with a choice of seven investment options. For information on the available investment options see the investment option page and the Investment Guide.
• If you do not choose an investment option, your super will be invested in the NESS MySuper option. You will be a MySuper member.
• If you select an investment option other than the NESS MySuper option, you will be a Choice member.

Grow your super

Consolidate your super

If you have super in other funds, you can consolidate them in your NESS Super account. That way you’ll have all your super together and may pay less in fees. Before closing your other super account, you should consider whether any taxes apply and what insurance cover you have with your other funds. You may also be able to transfer your insurance to NESS Super.

You may wish to consult with a Financial Planner about these issues.

Contributions

The Fund can accept contributions from your employer, your personal contributions, and contributions from the Government.

Give your employer a choice form and they will contribute to the fund you choose. Your employer super guarantee contributions are compulsory contribution to your super known as Superannuation Guarantee (SG). Currently this is 10.0% of your ordinary time earnings (subject to a salary cap).
Contributions made by you are personal contributions. You can choose to make additional contributions which can be an effective way to boost your super and build your retirement savings. Your personal contributions are generally after-tax contributions; however you may be able to claim a tax deduction on your personal contributions, which will then convert the contribution to pre-tax in superannuation.

You may also be eligible for the Government co-contribution if you make personal (after-tax) contributions to your super.

Insurance

NESS Super’s 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.

Insurance cover options available to members include Income Protection, Death & Total and Permanent Disablement (TPD) cover.

For more information on insurance cover through NESS Super, see the insurance is super factsheet and the insurance guide.

Fees and costs

There are various fees and costs which are deducted from your super account. For details on the various fees and costs that may apply to you see the Fees and Costs Guide.

Tax in super

Tax benefits are provided by the Government to encourage you to save for your retirement and grow your super. You generally cannot access your super until you reach your preservation age (which is from 55 to 60, depending on the year you were born).

Keep your super active

If you have an account balance below $6,000, legislation requires super funds to transfer your account to the Australian Taxation Office (ATO) after 16 months of inactivity.