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This topic covers the following matters:
The primary purpose of a superannuation scheme is to provide its members with financial resources and other benefits during their retirement.
Explanation: Other benefits in some schemes include death benefits for surviving dependants and disability benefits.
Extended superannuation coverage, due to award provisions and the SGC legislation, has increased the level of retirement benefits available to Australians. This, together with voluntary savings and the age pension, will fund higher living standards during retirement.
Most Australians in the workforce are now covered by superannuation schemes with membership and contributions that are either:
To provide eventual retirement benefits, both employer-sponsored and personal superannuation schemes:
The fund's trustee is responsible for implementing an appropriate investment strategy to protect the interests of members while increasing the value of the fund's assets. Depending upon the type of fund, benefits paid on retirement or earlier departure from the fund consist of:
Act reference: SSAct section 9(1)-'superannuation fund'
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Last reviewed: 3 January 2012
