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Intra-fund advice: Superannuation gets personal

19 Jan 2017 by  Arohaina Owen

Despite being a key component of employment remuneration packages, many Australians are confused about superannuation and unsure about the relevance it has to them.

A recent study by Aon Hewitt found that despite being likely to retire within the next ten years, 18% of working Baby Boomers are unaware of how much they need to save for their retirement.

The consumer advocacy group Choice has observed that Australians hold many misinformed views about superannuation. Some of the commonly mistaken beliefs include assumptions that superannuation is a tax, because contributions are compulsory under Australian law. Others assume that their employer is looking after the funds, because contributions are deducted from their pay and reported on payslips. Further confusion can arise from the use of terminology such as ‘superannuation guarantee (SG) contributions’; the word ‘guarantee’ causes some to imagine that superannuation may provide them with a guaranteed retirement income.

With so much confusion and misinformation surrounding superannuation, it can be very challenging for the average person to comprehend the impact that it will have on their retirement, and ensure that their superannuation strategy will adequately support them.

Facts you should know about superannuation

Facts you should know about superannuation

  1. Super contributions belong to you – contributions are made at 9.5% of your salary or wages.
  2. You can make additional contributions – from 1 July 2017 you can make extra contributions of up to $25,000 per annum with tax concessions.
  3. You can choose how your super is invested – there are dozens of options available (for example, within smartMonday), or you may elect to invest in direct shares and term deposits.
  4. The amount of super you have impacts your retirement income – your retirement income will be drawn down from how much you have saved in superannuation over your working life.

The good news is that you can have a lot of control over your superannuation, and your future self can benefit from decisions you make today.


While making decisions regarding your superannuation may seem difficult, Aon aims to help inform your decision-making and simplify the process through our online tool ‘SuperMadeEasy‘.

Available for members of corporate super, ‘SuperMadeEasy’ can project retirement outcomes for you based on your current investment and insurance arrangements in smartMonday.

  • Graphs help you to visualise how much income you will have when you retire.
  • The interactive tool can help you to test how much more money you could enjoy in retirement if you save more in the superannuation piggy bank or make different investment choices.

SuperMadeEasy - Retirement

  • In addition to helping you understand if you have the appropriate investments and insurance in place to support your superannuation goals, SuperMadeEasy generates a printable Statement of Advice which may make suggestions to help you achieve your superannuation goals – for example, it may suggest that you make additional contributions, switch investment options, or review how much insurance cover you have. 

To help you understand the advice you have received online, you’ll also receive a call back from our intra-fund advice team. General advice about your superannuation and insurance in smartMonday is paid out of the asset administration fee (no charge for corporate super membersi). Advisors providing general advice are salaried employees of Aon and operate under an Australian Financial Services License (AFSL) held by Aon Superannuation Pty Ltd. The discussion is to help you: the choice is yours.

Start a conversation with us

Aon Hewitt has the tools to support you with developing a superannuation strategy to support your retirement goals. For information regarding ‘SuperMadeEasy’, smartMonday or for general superannuation guidance, we recommend speaking to your financial adviser.


i If you are a personal super member and have questions, please call 1300 880 588.


The information contained in this article is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product. We recommend that you also seek the advice of a licensed adviser before making an investment decision based on information contained in this article.

Arohaina Owen

Arohaina Owen leads the Aon Advice Centre (AAC) – a business unit which forms part of Aon Hewitt Financial Advice that was established in 2014 with a strategic intent of putting our clients first. The AAC is the initial point of call for any financial advice enquiries as well as ensuring the immediate needs of the client are met. The AAC is a phone-based business unit providing one off advice to both personal clients and members of smartMonday.

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