Reading time: 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 11.5% of your pre-tax base salary (known as ‘ordinary time earnings’ or OTE) into a super account for the financial year starting 1 July 2024. The SG will increase to 12% from 1 July 2025.
OTE generally excludes 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. Nearly half of our members have been with us on average for over 20 years. 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.
Dangerous occupations covered
Although most super funds include insurance cover as part of membership, they may not cover certain occupations that are considered ‘hazardous’. If you work in transport, jobs other super funds commonly exclude from cover include drivers, loaders, mechanics, flight crews, warehouse workers, and bus drivers.
This is why you should check your current policy to see if you're covered. You may be paying for insurance you can't use. At TWUSUPER, we have no occupational exclusions - which means we cover all transport jobs.
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 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 the '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) investment option, unless you choose to put it in one of our other investment options (you can also mix and match options as you wish)*.
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.
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at twusuper.com.au/tmd