Employers cannot provide financial advice to their employees about their superannuation. If you need help making decisions about your super, the following sources of free and independent information may be useful:
- MoneySmart, the Australian Securities and Investments Commission’s consumer website, which provides general information about superannuation, including a superannuation calculator, and factsheets.
- the Australian Taxation Office provides information on how to save for retirement via superannuation, your entitlements and obligations, and when you can withdraw your super.
- the Financial Information Service run by Services Australia, provides a free service that can help you make informed decisions about your finances.
Getting financial advice
Show moreIf you are making important decisions about your superannuation, particularly as you approach retirement you may wish to seek advice from a licensed financial adviser.
While seeking advice choose an advisor who is appropriately licensed and experienced in superannuation matters. Information about getting financial advice is available at MoneySmart.
Alternatively, GESB members could consider GESB’s Retirement Options Service, or attending one of the seminars or webinars offered during the year.
Before meeting an adviser:
- consider your retirement goals and financial objectives
- gather information about your current superannuation fund
- identify questions you would like answered.
Before acting on advice to change superannuation funds, make sure you understand:
- the benefits and risks of the recommendation
- any fees, charges or tax implications
- any insurance or other benefits you may lose
- how the new fund compares with your current fund.
Asking your employer
Show moreYour employer will be able to give you information about choice of super fund, the employer default fund, and how to nominate your chosen fund.
However, your employer cannot recommend which super fund you should choose or whether you should choose another fund, as this is likely to be considered financial advice. In general, the law requires anyone providing financial advice on superannuation to be licensed by the Australian Securities and Investments Commission, so do not seek financial advice from your employer unless they are licensed to provide it.
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