Superannuation is a means of saving for your retirement with the added bonus of tax concessions. It is not an asset class like shares or property but rather a vehicle offering tax breaks when you invest in these assets. If you organise your superannuation properly, you should be able to enjoy life after you stop working. In times gone by, people could expect to live only a handful of years after they retired and their bank savings supplemented by the pension were probably sufficient to see them through. But with people now living 20 or 30 years in retirement, there is a greater need to ensure sufficient funds are available to last for the long haul. Statistics show that if you take a couple aged 65, one of them has a one-in-three chance of reaching 100. That's a lot of years to provide for.

How much do I need?

According to government estimates, you need to save 12 per cent of your annual income for the 40 years of your working life to give yourself an income equal to 40 per cent of your pre-retirement salary. And most of us want at least 60 per cent. So if you earn $50,000 now, a starting point might be to think of a retirement income of about $30,000 a year.

Without tax breaks and compulsory contributions from employers, few would have enough retirement income to ensure an adequate lifestyle. While you usually don't spend as much in retirement - no commuting, no office clothes, no school fees, probably no mortgage - you still want money in order to enjoy all those extra hours you have on your hands. Going out for dinner, enjoying the theatre, joining clubs and travel may constitute your retirement lifestyle. But these things cost money. If you fail to save enough for your retirement, there will always be a government pension, but that may not provide the lifestyle you want to lead.

Who can contribute to super?

If you are in the workforce and aged under 70, you are entitled to contribute to a superannuation fund. There are also other circumstances under which you can contribute:

If you have worked for at least 10 hours a week for the past two years.

If you are on parental leave and were in a super fund before this leave and have been out of the workforce for less than seven years.

If you have had to stop work because of physical or mental ill health.

If you are a non-working or low-income (less than $13,800pa) spouse, your partner can contribute up to $3,000 a year to your super fund.

If you are in receipt of the Baby Bonus.

People aged over 70 who are employed full time (more than 30 hours per week) can now make personal contributions (contributions made out of after tax income).

Cooling off period

If you choose your own super fund or a retirement savings account, you have 14 days from the date of acceptance of your application to change your mind.

Is my employer paying the correct amount?

If you are between the ages of 18 and 70 and are paid $450 or more in a month your employer generally should be contributing to your superannuation. This applies for full time, part-time and casual employees. If you are paid under an award it may state that your employer must contribute even if you earn less than $450 a month.

At present your employer contributes 9 per cent of your salary. Some employers pay the 9 per cent on your total salary package while others pay just a percentage of the cash component. Both are acceptable.

From 1 July 2003 employers must pay their employee's Superannuation Guarantee (SG) contributions at least every quarter. Your employer must inform you in writing the amount of SG contributions made on your behalf.

What can I do if my employer has not made my super payments?

Talk to your employer. Call the Australian Taxation Office Superannuation Helpline on 131 020. If you are a member of a fund but no payments have been made, contact your fund.

Can I add more money to my super?

Yes, but there is a limit to the amount you can contribute, determined by your age if you are making a salary sacrifice contribution. There is no limit if it is from your after-tax income. Salary sacrificing offers you some tax breaks. Instead of the money being taxed at your marginal rate of up to 47 per cent you only pay a 15 per cent contribution tax. And into the bargain, you will also end up paying less income tax overall because the money you have salary sacrificed into your super is taken out of your salary before the tax is calculated...

In certain circumstances super contributions will be subject to the superannuation contributions Surcharge, which may be up to 15% of the contribution.

If you wish to roll over any of your old superannuation funds into your current super fund you can do this by contacting your Crown Investment & Financial Services adviser who will take care of all the details for you.

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