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If you’re employed, superannuation refers to compulsory contributions made to an account on your behalf by your employer, so that you can generate savings to support you when you’re no longer working and in retirement.

These contributions, known as the Superannuation Guarantee, were first legislated in 1991, with compulsory contributions commencing from 1 July 1992. Since these contributions were introduced, the compulsory contribution has steadily increased to 11.5% of your annual salary (effective 1 July 2024). This will increase to 12% (effective 1 July 2025).

If you're self-employed as a sole trader, or are in a partnership, you're not legally obligated to pay yourself super. However, it's never too early or late to think about planning for your retirement. You have the option to make regular or one-off payments to your super, and depending on your situation, you may be able to claim a tax deduction on your contributions.

In super, your money may be invested in different assets. You can choose your own investment options or leave the investment decisions to your provider – either way, your product is designed to grow your investment over time and support you in your retirement.

Retire your way

Whether retirement is just around the corner or still a while away, the sooner you start planning and saving, the more you could end up with in your pocket.   

Find helpful insights and resources, including our age-based retirement guides, designed to help you plan for retirement. 

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Important information

Where the information on this website is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the product disclosure statement and policy document for the product. Any guarantee offered in the product is only provided by Resolution Life. Any Target Market Determinations for our products can be found at resolutionlife.com.au/target-market-determinations. 

Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.

Resolution Life can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.