So you've started your new job and you don't know where to start with your super... Don't worry! Here is a great place to start...
Choose how you want your super invested
Depending on how confident you are, you can invest your super in one or more of our Diversified and Sector specific options. You can change your investment choice at any time by completing the Investment choice variation form or via our website. Further details on investing can be found in our Investment Series Fact sheets.
Make sure you have enough insurance
The amount of insurance cover you may need really depends on your personal circumstances. The insurance cover provided to you via Equipsuper will depend on your age, where you work and your occupation. You can refer to your Product Disclosure Statement or call our Helpline for options that may apply to you.
Provide us with your TFN
If you don’t provide us with your TFN, not only could you end up paying more tax than you need to – and no one wants to do that! – but we might not be able to accept certain types of contributions on your behalf! This includes the Government co-contribution (if you are eligible). Fact Sheet #8 – Providing your TFN has more information on why its so important to let us know your TFN.
Check out if you are eligible to receive the Government co-contribution
If you are eligible, the Government will pay up to $1.00 for every dollar you put in to your super, to a maximum of $1,000 per year. Check out Fact Sheet #12 – Government co-contributions to see if you’re eligible.
Make managing your super easier
If you’ve had any part-time or full-time jobs in the past, now is the time to look at the option of combining your super into one account. By only having the one account, you might save on administration fees and its easier for you to keep track. Fact Sheet #10 - Rolling your money into Equipsuper explains the benefits.
Nominate your beneficiaries
It’s important you let us know who you would like your benefit paid to in the event of your death, particularly if you have dependants. You can choose to simply nominate preferred beneficiaries, which is not binding on the Trustee, or you can make a Binding Death Benefit Nomination, which is binding. Refer to Fact Sheet #16 - Death benefits, dependants, beneficiaries and tax for full details.
Give thought to making extra contributions
Extra contributions that you make now could make a big difference to your super benefit come retirement day. Small amounts may not seem like much, but you could be thanking yourself later on! Fact Sheet #31- Too young to contribute? can tell you more…
Choice of Fund
Your employer can tell you if you are eligible to choose a super fund, other than your employer’s default fund, to receive your SG contributions. Fact Sheet #35 – Choice of Fund has information for employees and also employers.
Getting the right advice
You can call our Helpline 1800 682 626 for general assistance on any of the above. If you would like advice on your personal situation, you can speak to an Equipsuper Financial Planner. Please call 1800 065 753 or visit www.equipfp.com.au for more information.
