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Superannuation – turn a few $$ now into big $$ later

Everyone who earns more than $450 a month is required to be paid superannuation. So it’s worthwhile knowing a bit a about it. Why not test your knowledge now in preparation for many happy returns in the future!

1. What is superannuation?

Money that is taken off you by the Government and put into savings
Extra money paid by your employer to the Government
An insurance policy on my health
A means of saving money for your retirement

2. Why was superannuation introduced?

The Government was tired of paying pensions
To help everybody save for a better income in retirement
Workers wanted a new way of saving for retirement
An uprising among pensioners forced the Government to introduce a new system

3. Can you choose your superannuation fund?

No, there is only one fund that every worker must use
Yes, there are almost as many superannuation funds as there are industries
Yes, but there are not that many to choose from
No, the government decides for you

4. What is a 'voluntary contribution'?

Agreeing to work for no pay
An additional payment you make to your super
Work performed for a charity organisation
Joining the army

5. Does your super grow even if you don’t make voluntary contributions?

No, superannuation only benefits those who make voluntary contributions
Yes, but you accrue more interest if you make contributions
Either way you don’t accrue interest
Voluntary contributions don’t make a difference to the accrual of interest

6. Is superannuation compulsory for most employees?

Yes
No
Only for people over 50
Only for pensioners
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