I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

New study shows Aussie Super among the World's Best

Australia's superannuation system is one of the worlds' finest, based on the Melbourne Mercer Global Pension Index.

Mercer gave Australia a rating of 79.9 % total - up from 77.8 % in 2013 and 2nd only to Denmark on 82.4 %. Australia was ranked much better compared to 23 other countries, consisting of the Netherlands, Finland, Switzerland, Sweden and even Canada.

Recognizing the Best from the Others

The story starts by identifying the three essential aspects that make the world's finest super systems from unique from the others. They are: Competence - is it sufficient? This step concentrates on the retirement income each country gives to its residents, consisting of super repayments, pensions, tax assistance and other government advantages.

Sustainability - is it made to last? This procedure thinks about whether the system is most likely to remain profitable in the future, evaluating factors like the overall properties of the system, the nation's demographics and the level of government debt.

Stability - does it keep our money safe? This step examines whether participants can be confident that their money is safe, analysing government regulations, capital protection, and administration policies, in addition to the overall expense of the system to investors.

As soon as Mercer has given every country in the survey a score out of 100 for each and every measure, it calculates the total score, with a weighting of 40 % for Competence, 35 % for Sustainability, then 25 % for Integrity.

How Australia Got On

Australia's super system got a B+ rating - listed below Denmark's A rating, but ahead of the other 23 nations covered. The Netherlands was the only other country to make it right into the B+ category.

Our system is on top of the world for Super Adequacy (81.2 %) and 3rd for Stability (87.7 %), although our Sustainability score was slightly lower at 73 %, in the 4th area. The credit report discovered that our system has a sound structure and a range of active features, but there is still some area for enhancement. They consisted of:

Raising The Old Age

Raising the age at which we can access the pension, in line with our boosting life span.
Proactively motivating older employees to stay in the labor force much longer.
However, while those suggestions are much like the current government announcements, other recent moves could be less favourable.

The credit report explicitly states that Australia's rating rose this year "mostly because of the increase in the past minimum contribution price from 9 % to 12 % and also the bigger minimum pension plan". With the government moving to postpone additional boosts in the super guarantee rate and to limit pension increases by altering the indexation method, it will be interesting to see whether we could maintain or improve our ranking in the future.

Keep Your Super on Course A financial consultant can aid you to make use of the most useful features of Australia's super system while overcoming the challenges of an increasing retirement and pension age. The earlier you seek advice, the faster you can prepare for the future. Call us at 1300 252 167.

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

Loading PLease Wait..