What is Superannuation?


noun: superannuation
  1. regular payment made into a fund by an employee towards a future pension.
    "a superannuation fund"
    • the pension paid to a retired employee who has contributed to a superannuation fund.
      "had he agreed to resign, he would have been entitled to his superannuation for 29 years' service"
    • the process of superannuating an employee.

In other words, Superannuation is like a savings account for your future retirement. However it has some unique features when compare with normal savings account:


Superannuation Guarantee

Your employer must pay 9.5% of your salary into a super fund you choose, this is called Superannuation Guarantee contributions (SG). This will gradually increase to 12% by 2023.  


Tax Effective

All earning from superannuation is taxed at 15%, instead of your personal marginal rates. This is why personal contributions is a tax effective way for your money.


There are 2 types of personal contributions you can make:


Before tax contributions, also known as  salary sacrifice.


After tax contributions, including spouse contributions. You could also receive a bonus government co-contributions up to $500 a year to your super (certain conditions need to be met)


Restricted Access

Because of the tax concessions on the super, you must meet certain criteria before accessing your super.

3 Ways to Save More for Your Super

Super Consolidation

If you have changed jobs in the past, the chance is you will have multiple super accounts. Combining them into LESF Super means, not only you save on multiple sets of admin fees, you will also have less paperwork to do, to help you to top of your retirement planning.

Simply complete the Roll-In form and we will look after the rest.

Or, if you are confused where your super are all are, we can help you find them and consolidate with your existing LESF Super account.

To find out more, please click here.

Add Extra

Take advantage of the tax concession and the co-contribution options the government is offering. Make a before tax contributions or After tax contributions to give your retirement a boost.

Your TFN

Provide us with your Tax File Number (TFN) to avoid higher tax on your concessional contributions and on super benefits. It will also make it easier to locate lost super and consolidate your super. If you are not sure if we hold your TFN, give us a call on 1800 359 686, or complete a change of member details form.