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Understand super in 5 minutes
Understand super in 5 minutes
When and how does an employer have to pay super?
In general, if you're aged 18 or over and are an employee, your employer must pay at least 10% of your pre-tax base salary (known as ‘ordinary time earnings’ or OTE) into a super account. The OTE generally excludes other items such as overtime and bonuses.
Super contributions from your employer (known as the ‘Super Guarantee’) must be paid directly into your super account at least quarterly.
Note: If you're self-employed or a contractor, the person or entity who pays you for your services doesn't have to pay you super. However, depending on your employment structure, you may need to pay yourself super - see Super for the self-employed to find out more. 'Gig' workers may also be classed as employees for super purposes.
Changing jobs and your super
It’s easy to stay with TWUSUPER when you change jobs. Even if you change industries you can still enjoy the long-term benefits of the Industry Super Fund for the people who keep Australia moving. Staying with one fund also ensures any insurance you have stays current and that you're not spending more than one lot of fees to manage your super.
Details for your new employer
To stay with TWUSUPER, your employer will usually need a completed Choice of Fund form and letter of compliance - the details are available on the choice of fund page.
Combining your super
You can search for and put some or all of your other super accounts into your TWUSUPER account, so your super is combined together in one place. This is sometimes referred to as a 'rollover'. Combining super means less fees and more money for your retirement.
The easiest way to move your super into your TWUSUPER account is by logging in to Member Online and navigating to 'find my super' section on right-hand side. You can search and select which accounts you would like to roll into your TWUSUPER account.
Note: Before closing any of your existing super accounts you should check details such as your insurance entitlements and costs and any fees that may apply. You can transfer existing insurance cover to TWUSUPER without health checks (subject to conditions). You should do this before closing your other accounts and rolling your money into TWUSUPER.
How your balance could grow
Your super account can grow over time with the contributions that go in (either from you or your employer) and the returns on investments.
With TWUSUPER your super is automatically invested in the Balanced (MySuper) choice, unless you choose to put it in one of our other investment options (you can also mix and match the options as you wish). The Balanced (MySuper) option has returned 8.32% per annum over the 10 years to 30 June 2021*.
To check or update your investment option, login to Member Online.
*Returns are compound averages, and are net of fees, costs and (where relevant) estimated tax. Past performance is not a guarantee of future performance.
How insurance works with super
Insurance provided by TWUSUPER is tailored for the transport industry (but you don’t have to work in transport to benefit). We provide Death and Total and Permanent Disablement (TPD) cover. You can also apply for Income Protection cover. Insurance fees (premiums) come out of your super, not your hip pocket.
Dangerous Occupations Exemption – why we have it, why it matters
Government rules generally mean cover can’t be automatically switched on unless you’re aged 25 and have an account balance of at least $6,000. At TWUSUPER, we understand that some jobs within the transport and logistics industry can be dangerous. For that reason, the Government allows us to treat members who work in a ‘dangerous occupation’ differently. Simply tell us about your job when joining and we’ll do the rest.
No exclusions with TWUSUPER
Many other super funds include exclusions, meaning members miss out on cover when they need it most.
TWUSUPER protects all our members and has no occupational exclusions – whatever job you do, you can benefit from our insurance. So whether you’re coming in from another industry or moving on from the transport and logistics industry – we have you covered.
Inheritance and super
If you die while there is still money in your account (super or retirement), that money will be paid to your beneficiaries and/or your estate. Beneficiaries can be one or more dependants, such as your legal partner and children. Read our fact sheet about how to nominate beneficiaries.
TWUSUPER must pay a ‘death benefit’ in accordance with the Fund's rules and super legislation. The death benefit includes the balance of a super or pension account and the payment of any death benefit if you held insurance cover.
Getting help to manage your super
Our super specialists can answer your general super enquiries. There's no extra cost to use this service. The team's available between 9am and 5pm.
Use the form below to request a call back. Note that the callback service is available for Australian residents only. If you're overseas, please call +61 3 9192 4414.