Helping you understand super
Prime Super has a dedicated and responsive team of relationship managers who can help you understand all things super.
‘We want to build relationships with our employers and members and be available to help them,’ explains Melbourne based regional manager, George Frangeskakis, one of the team of relationship managers.
Part of the relationship building process is to give members and employers information about superannuation, including industry updates and insights.
‘To make the most of your super, it is important to be across changes in the industry, including changes from 1 July this year,’ explains George.
‘We can also help with strategies to help members grow their super faster.’
Summary of changes to super from 1 July 2022
- Superannuation Guarantee (SG) contributions, the compulsory contributions to employees’ accounts from employers, will increase from 10 per cent to 10.5 per cent.
- The $450 per month income threshold to be eligible for SG contributions will be removed.
- An aspiring homeowner will be able to save up to $50,000 (up from $30,000) through voluntary contributions to their super account which can later be released to buy a first home under the First Home Super Saver (FHSS) scheme.
- The age to make a downsizer contribution, a one-off contribution from the sale of the family home, will be reduced from 65 to 60 years. Downsizer contributions can be up to $300,000 (individual) or $600,000 (couple), and the family home must have been owned for at least 10 years. Other conditions may apply.
- If you are between 67 and 74 years old, you will no longer have to take a work test to make salary sacrifice contributions or non-concessional contributions to your super.
While George and his colleagues at Prime Super stay across industry developments, they also offer employers and members help when they need it.
‘Super is likely to be one of your largest investments, so it is important to give it regular attention.
‘Members often want to know how they can grow their super faster, so here are five easy actions to take now.’
1. Find out where your super is
Find out the super fund you are with and how much you have in your account. You may have more than one super account.
Make sure you know how much you currently contribute, and review your investment returns and fees. They all have a big impact on your savings.
2. Review your investment options
Your fund invests the money in your super account, so investment returns have a huge impact on your super balance. Keep in mind that super is a long-term investment, so it is important to focus on long term returns along with the current annual return.
Your risk appetite will determine the investment mix that’s right for you. You can choose from low risk, defensive investment options through to higher risk, growth-orientated investment options.
3. Check your insurance cover
Insurance cover can be a valuable inclusion in your super, designed to protect you and your family when you need it most.
Prime Super members can access Death Only, Death & Total and Permanent Disability (TPD), Terminal Illness and Income Protection insurance at competitive rates which can be tailored to suit your individual needs.
4. Consolidate your super
If you’ve ever changed jobs, you could have more than one super account. The fees and insurance premiums you could be paying across multiple super accounts eat into your hard-earned retirement savings.
You can save on fees and make your super easier to manage if you combine your super into one account. Check the insurance you have in your different accounts before you consolidate as you may lose the cover you previously had.
Consolidate through your MyGov account or call your super fund.
5. Top up with additional contributions
If you top up your super with small amounts that you won’t miss now, it will grow your super faster.
Salary sacrifice contributions can be made directly from your pay, and you can also make other after-tax contributions. There are limitations and conditions may apply to different types of contributions, but also tax incentives to help accelerate your super savings.
‘I work with a team of professionals, and we are here to help you, whether you are an employer or a member,’ said George.
‘We look forward to hearing from you.’
Disclaimer: This article contains general information only and does not take account of your personal circumstances.