Superannuation first started back in 1850, but it was the big companies and government employees receiving private pensions. This was however only given to senior officers and long serving employees.
The government decided to encourage superannuation savings by tax incentives during the 1960’s, but the most significant change came in 1986 when super contributions became compulsory for industrial awards. Then from 1st July 1992, compulsory super entitlement for all employees was established.
Now, the government is increasing the super guarantee contribution from 9% to a possible 12%. Good thing is you are an employee; a headache for employers.
It is obvious that the government can see the future of future retirees – there just will not be enough money to sustain the ageing population, and the only way to combat that (perhaps only in some small measure) is to consider bumping up the compulsory super contributions, although this would only impact yet a small amount on the big picture of just how much is really needed to retire on.
So the only other way to take control of your future is to determine how to best utilise the investment strategies available for a typical super fund, and decide whether you wish to invest directly into shares, or have someone who knows the market to work the investment for you. In some cases, you can do both at the same time, and have full control over where you place your money.
Our investment experts will help you place the most appropriate funds that would suit your preferences and risk tolerance. It all comes back to finding out what you want and what your goals are, and we will come up with the recommendation to suit.