How super works

Your LGsuper account is designed to help you save for and enjoy retirement. Here’s how it works.

Money goes in

You, your employer and your spouse can pay money into LGsuper. And you can also transfer other super you have to us. We then invest this money for you and it grows with investment earnings (which may be positive or negative). If you are a member of the Defined Benefits Fund your account works differently.

Some money comes out

Because it costs money to look after and invest the money in your account, LGsuper takes out administration and investment management fees. But these fees are very low and only cover the cost of running the fund.

If you have insurance cover your premiums are also taken from your account. 

The Australian Government takes tax from employer contributions (including salary sacrifice contributions) and investment earnings. All in all though, super is taxed at a much lower rate than other types of investments to encourage you to save for your retirement.

At retirement time

Your super will start working for you as regular income or in lump sums. If taken after reaching age 60, it will be tax free. Before then, it's taxed in different ways depending on when, and how, you take it. Read more…