Australia's superannuation system explained

Superannuation is a mandatory savings scheme designed to help Australians save money that they can access in retirement. However, experts warn that migrant workers who do not pay attention to their super may be losing their savings to unnecessary fees and charges.

About a quarter of all super account holders in Australia end up with multiple super funds, paying unnecessary fees and premiums. Source: Getty Images

Highlights

• Superannuation guarantee is rising from 9.5 per cent to 10 per cent from July 2021. 
• A quarter of all employees in Australia end up with multiple super funds, which could significantly reduce their retirement savings.
• From July 2021, existing accounts will be attached to employees and those will carry over with an individual when they change jobs.

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