Super: Why it's important!

Retirement may seem a long way off right now, but time has a nasty habit of flying by fast. Small steps taken now can make a big difference in how much you accumulate to retire on. The best way to build up wealth is to start investing as early as possible and then to let it grow by earning further interest and returns on what you accumulate.

The alternative to private and superannuation savings is to live on the Age Pension, which at present provides around $13,650 a year for a single person and $22,800 a year for a couple. If you consider how far this will get you, you'll understand why saving more for your retirement is vital.

In addition, with our life expectancies getting increasingly longer, most of us are likely to spend much longer in retirement than people did in the past. And, you'll also have to fund the additional costs of pursuing the hobbies and activities you've dreamed of doing in retirement.

Contributing to superannuation is an important way to build up your retirement nest egg. Saving through superannuation has many advantages:

• You receive significant tax concessions on your earnings.
• You can add to your investment on a regular basis.
• Access to your investment is restricted so you can't be tempted to spend it before you retire.
• You may receive Government incentives for making personal contributions. Such as the Co-Contribution or Tax Rebates.
• Your superannuation can go with you when you move around the workforce.
• You get further tax concessions when you retire. Such as any benefit taken after age 60 is tax-free.

What is choice of superannuation fund?

From 1 July 2005 choice of superannuation fund legislation means that certain employees can choose which superannuation fund they want their compulsory superannuation guarantee contributions paid into.

It is a good time to take stock of what the Local Government Superannuation Scheme offers you. And, you might be rather surprised! We stack up pretty well against the vast majority of funds out there.

Key benefits of being a member of the Local Government Superannuation Scheme:

• Impressive long-term returns
• Low fees and charges
• Profits flow back to members
• Access to branches in Sydney and regional areas
• Access to Account Managers who can answer your questions on superannuation
• Free Pre-Retirement and Wealth Creation seminars
• No cost financial advice
• Low cost home loans
• Access to Estate Planning
• Loads of extras, such as Fair Go Member Benefits, our loyalty program providing members with real savings on every day items such as health insurance, phone contracts and pharmaceuticals, and specials on a host of lifestyle benefits such as gym membership, travel, accommodation and entertainment.