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
With so much money involved you may still have questions, try looking