Superannuation or ‘super’ is money paid into a specified account. For most, you cannot access this account until you have retired from work. Your employer determines how much money should be paid to super based on a minimum of 9.5% of your pay.
It is important to manage your super to be sure your employer is paying you correctly. It’s also helpful to track how much you have, to help you predict your future retirement fund. Insurance benefits can also be attached to the fund, so check these too.
Our Top 3 Tips on managing your fund:
When you start a new job, nominate the fund you want your super money to be paid into. In most places, you can choose what fund you use. Try not to have lots of different super accounts.
Make sure your super fund has your TFN and is registered with the ATO on Mygov.gov.au. This website will display your super account balances which makes it easy to check them regularly.
Register for an online account directly with your super fund. This is an even better way to check balances and look into insurance options.
Who do I contact if my super is missing?
ATO – 131030 is the ATO Super helpline.
gov.au – a website where all super funds are listed, including lost ones.
Accessing super under ‘financial hardship’ grounds
Hardship means that you are unable to meet your living expenses. When this happens, you have an option to access your super.
To release superfunds under hardship, you must have been receiving Centrelink payments for 26 weeks.
Not all super funds will release funds under financial hardship. In this case, you will also need to contact your super fund to see if the trustee will allow the release under financial hardship.
If you have completed the two actions above, you can submit an application of hardship with the fund. You will be required to supply certified copies of your Identity and evidence of debts you have not been able to meet.
If this becomes difficult or confusing, CatholicCare NT can support you with Financial Counsellors. Online resources can be found via the following: