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ANZ Superannuation

Commonly known as ANZ, the Australian and New Zealand Banking Group Limited is the third largest bank in Australia. ANZ doors first opened in Melbourne in the early 1830s, where its head office remains to this day. As its name suggests ANZ operates in both Australia and New Zealand as a retail banking, regional, rural and small business banking and mortgages provider. Investment banking, insurance and consumer finance, including credit cards and personal loans, also comprise part of their product set. In New Zealand, ANZ operates under two separate brands, ANZ and the National Bank of New Zealand. It is the largest bank within New Zealand, dominating the New Zealand market in commercial and retail banking. ANZs personal division encompasses 6 separate divisions, one of which is Australia’s leading finance company, Esanda. Since its inception over 170 years ago the institution has grown to be one of the top 50 banks in the world, and Australia and New Zealand’s largest international banking and financial services groupop.

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Along with offering banking products such as transaction accounts, home loans, insurance policies and investment plans, ANZ is also a provider of superannuation.

About ANZ and ANZ Super

ANZ was established in 1835 in London and Sydney as the Bank of Australasia, and moved into Melbourne in 1838. Since then, it has grown to be one of the big four banks in Australia, and is one of the largest banking groups in the Pacific and New Zealand region.

ANZ Super is a suite of superannuation options offered by ANZ. You can choose to invest your super money into ANZ Super just as you would any other super fund.

What will ANZ Super do with my super money?

Like other super funds, with ANZ Super your super money will be invested by a trustee. This usually means your money is put into a mix of different asset categories and/or single-sector options such as cash, property and shares.

The amount of risk you take on and returns on your investment depend on how you choose to invest your money. If you want to be hands off, you can leave it up to ANZ Super to decide where to invest. Typically, super funds will put your money in higher-risk investments when you’re younger, and move to stable investments as you get closer to retirement.

Alternatively, if you prefer to take a more active role in your investment decisions you can choose your own investment mix.

How to join or transfer to ANZ Super

You can sign up for an ANZ Super account online at ANZ’s website, at an ANZ branch or by phone. Before signing up, it’s worth comparing super funds to make sure an ANZ Super account is the best option for your needs.

If you want to transfer your existing super money into an ANZ Super account, you might be able to do so by completing an online transfer during the sign-up process. You may also need to fill out a rollover initiation request form from the ATO.

Consolidating your super

Consolidating all your super money into a single account can make it easier to manage your super and finances over the long term, and cut down on fees. Before you consolidate your money into an ANZ Super fund or another fund, check if you have any insurance through your existing fund/s. Moving from one fund to another could mean you lose some insurance coverage.

Once you have consolidated your super into a new account, make sure to let your employer know you’ve changed funds so they can pay your super contributions into the right account.

What should I look for on my ANZ super statement?

Your super will ideally allow you to live comfortably during retirement, so it’s important to keep track of it while you’re still growing your money. Every time you receive a statement from ANZ or any super fund, make sure to check the following:

  • Your personal details – This includes essential details like your name, address and date of birth. If you move or change your name, remember to update your details.
  • TFN – Your super fund needs to have your tax file number recorded otherwise you’ll pay a higher tax rate on your superannuation earnings, and you won’t be able to make after-tax contributions to your super.
  • Super contributions – Check that the amount of super recorded on your payslips is being deposited correctly into your account.
  • Fees – Super fund fees can vary significantly, so make sure you’re comfortable paying the fees outlined on your statement.
  • Investment options – Your funds will generally be invested in a default mix of growth and conservative assets. However, if you wish to change the way your money is invested, you can choose your own investment mix.
  • Beneficiaries – Make sure you’ve listed beneficiaries to receive the sum of your super and any insurance in case of your death.
  • Total balance – If you’ve recently consolidated or transferred your super, check that the total balance accounts for all your super money.

When can I access my ANZ super?

As with any super fund, you can typically only access your ANZ super when you retire. The exact age at which you can access your super depends on your year of birth, and is known as your ‘preservation age’.

Once you retire, you can choose to access your super as a lump sum, ongoing income, or a combination of both.

There are also certain other circumstances in which you can access your super money before you hit your preservation age. These include:

  • If your home is being repossessed
  • In cases of serious financial hardship
  • On compassionate grounds, such as if you or a dependant is terminally ill and requires palliative care

FAQs

You can withdraw your superannuation (or at least some of it) when you reach ‘preservation age’. The preservation age is based on date of birth. Here are the six different categories:

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

When you reach preservation age, you can withdraw all your superannuation if you’re retired. If you’re still working, you can begin a ‘transition to retirement’, which allows you to withdraw 10 per cent of their superannuation each financial year.

You can also withdraw all your superannuation once you reach 65 years.

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