Super in focus
Early start boosts super savings
for 18 to 25 year olds
While super is usually the last thing on your mind when you’re just starting out in the workforce, the decisions you make now can get your future savings off to a really strong start. Here are a few easy steps you can take to start getting your super into shape.
Consolidating accounts brings super benefits
If you’ve had several jobs in the past, the chances are your super is spread across more than one fund. With each fund potentially charging you fees that eat away at your savings, this isn’t the best choice. By bringing all your super together in the PSSap, you can stop paying unnecessary fees and it will be much easier to keep track of how your savings are growing.
Transferring your super to the PSSap is easy. Just download the Transfer form or call 1300 725 171.
Don’t get caught out: provide your tax file number
While you don’t have to give us your TFN, your before-tax contributions will be taxed at the top marginal rate if you don’t. We also won’t be able to accept certain types of contributions.
So have a look at your Annual Member Statement to see if we have your TFN, and if we don’t, you can give it to us by filling in the Provision of tax file number form or call 1300 725 171.
Small contributions add up to big savings
The first few years of your working life can be a great time to start contributing a little extra to your super, because that way you won’t miss it as the years go by. A few extra dollars here and there add up over the years, so you’ll be putting yourself in a good position for retirement.
There are several different ways to make extra contributions to your super, so check out the Contributions fact sheet for more information.
Government offers super co-contribution to boost retirement savings
If your income is within a certain range, you may qualify for the super co-contribution scheme. If you do, the government may contribute up to one dollar for every dollar of after-tax income you put towards your super, up to a maximum of $1,000. While it might not seem like much today, by the time you retire the extra money will have made a difference to your savings.
Our Super co-contributions fact sheet has more information on how to qualify for the scheme and how much you can get.
PSSap gives members investment choice
The PSSap offers a range of different investment options and you are free to choose the one that is right for you. To help you decide which investment strategy best suits this stage of your life, have a look at the different investment options in the Investments section. Knowing how the PSSap can get your money working for you is the first step towards a lifetime of solid saving.
Super strategies target 18 to 25s
You can get more information about the PSSap and the right super strategies for this stage of your life by visiting the Lifestages page online.
“‘Because I had a couple of casual jobs before I started in the public service, I had a few hundred dollars of super in different accounts all over the place. By bringing this all together in the PSSap it’s much easier to keep track of how my savings are growing and I’m receiving less paperwork in the mail too.’– Kate, 22”
