This is an account in a super fund which operates on an accumulation basis, where contributions earn investment returns (which can be positive or negative).

Under super legislation, most employees have the right to choose which fund their super contributions are paid into – this is known as ‘Choice of fund’. Additionally, most employers are required to nominate a 'default fund' for their SG contributions (in the event that their employees do not choose a super fund).

Concessional contributions cap is the amount of concessional contributions that can be made into your super account(s) without incurring additional tax, and depends on your age. Your employer’s SG contributions and your salary sacrifice contributions count towards this cap.

These are circumstances under which a member can access their preserved and unrestricted non-preserved super benefits.

Refers to the benefit payable by a super fund to the beneficiaries or estate of a member following a member’s death.

Refers to the process where a member nominates who they wish to receive their superannuation benefits in the event of their death.

Defensive assets (also referred to as income assets) include fixed interest and cash deposits as well as some alternative assets. Defensive assets often provide an income stream with the repayment of capital on maturity. They are generally regarded as lower-risk investments as they are more likely to provide lower and more stable returns over time.

Refers to a super benefit (or portion of a benefit) which is determined by reference to a formula and factors. It may take into account factors such as the reason for leaving the Fund, the member’s age, salary and length of contributory service. The value of a defined benefit is not generally linked to investment earnings and a defined benefit memb [..]

For superannuation purposes, this means a spouse (including an opposite- or same-sex de facto partner), a child (including children over 18), a financial dependant and a person with whom a member shares an interdependency relationship. A person must generally be a dependant (or the legal personal representative) at the date of a member’s death to b [..]

Diversification is when money is spread across a number of different investments to help balance out lower returns in any one investment. By diversifying your investment portfolio, if one investment falls in value, others that are performing well may make up for the loss (or at least reduce it). Maritime Super maintains a diverse range of investmen [..]