What Hospitality Workers Need to Know About Super

There is a lot to love about working in hospitality — it is a fun environment, you have flexibility, and it gives people the chance to meet new friends.

AustralianSuper has been named the country’s most trusted fund for 11 years running¹. So, while you’re working hard looking after others, it is good to know your superannuation is with a fund that has your back.

How Super Works

If you’re over 18, or working more than 30 hours a week, your employer must pay you superannuation. It’s the law. The minimum payment is currently 11 per cent of your ordinary earnings. That’s called the super guarantee (SG). 

Whether you’re working part time or making a career in hospitality, that doesn’t change.

Your super fund will invest this money to help it grow over time. It may also earn compound returns, which is when profits or returns on your balance are being reinvested.

Choosing the Right Fund

There are hundreds of super funds to choose from. Being with the right one can make a difference in the amount of money you have for the future. 

Here are some things to check when choosing or comparing funds:

1. Long term performance. AustralianSuper’s Balanced option has been a top performer over the past 10 years².
2. Fees. These cover the costs of investing and managing your account. Not all funds charge the same amount. AustralianSuper’s low admin fees³ mean more of your money stays invested, helping you achieve your best financial position in retirement.
3. Insurance. Super funds provide insurance to help in hard times. The cost and type of cover varies. 

You can compare funds to see what’s right for you and make sure you’re getting the most from your super.

Taking Care of Your Savings

Unlike other industries, hospitality workers can balance several roles and may move around often. This makes it especially important you keep an eye on your super by:

Keeping track 

• You work hard. Regularly check your account to make sure you’re getting paid super.

Consider consolidating⁴ accounts and locating lost super

• Juggling multiple jobs can result in having more than one super account. This could leave you paying fees across several funds. It could also result in lost super. It’s estimated that there is $16 billion in^a4 lost and unclaimed super.
• You may want to consider if consolidating is right for you⁵. 

Adding extra when you can 

• Picked up a shift? Consider putting a bit extra into your super. Every little bit counts towards helping you grow your savings⁶.

A super fund you can trust

As the country’s largest⁷ and most trusted¹ fund, AustralianSuper is helping over three million members save for retirement. Head over to AustralianSuper.com for more information and compare super funds.

1. _{Readers Digest Most Trusted Brands – Superannuation category winner for eleven years’ running 2013–2023, according to research conducted by independent research agency Catalyst Research. Awards and ratings are only one factor to be taken into account when choosing a super fund.}
2.  _{SuperRatings Fund Crediting Rate Survey, SR50 Balanced (60-76) Index to 30 October 2023. Returns from equivalent investment options of the ARF and STA super funds are used for periods before 1 July 2006. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.}
3. _{Zenith CW Pty Ltd (Chant West) (ABN 20 639 121 403).  Chant West Super Fund Fee Survey June 2023: Survey compares administration fees and costs for MySuper products for a $50,000 balance.  Other fees and costs apply.  Fees may change in the future which may affect the outcome of this comparison.}
4.  _{ATO – Lost & Unclaimed Super Report 2023 - https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/supe…}
5. _{Before making a decision to combine your super, consider any fees or charges that may apply, and the effect a transfer may have on benefits in your other fund such as insurance cover. We recommend you consider seeking financial advice.}
6. _{Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend you consider seeking financial advice.}
7. _{AustralianSuper has over 3.3 million members and over $300 billion in member assets as at 30 September 2023.}

_{This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.}

_{Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898}