common super myths busted

For many of us, the world of superannuation can be a confusing one. But it doesn't need to be. We've busted the most common super myths to help keep your retirement planning on the right track.

Myth: It’s better to spread my super across different funds

Fact: Your super is like any savings account: the more that’s in it, the more it can potentially earn through compounding investment returns, which is interest earned on interest.

When you have multiple accounts, you also pay multiple sets of fees and costs. That’s why it’s important to consider keeping all your super together in one place.

To find other super you may have and easily combine it into your HESTA account, log into your account and go to the ‘Combine’ tab. Before you combine your super into one account, it’s important to be aware that your benefits with other funds, like insurance, may stop.

Learn more about combining your super and think about getting in touch with our team to help you compare the advantages and costs of different funds.

Myth: You can’t diversify when you’re only with one super fund

Fact: Whether you’re a new or an experienced investor, we’ve made it easy to select an investment strategy, including diversifying your investments. For example, you can use one of HESTA’s Ready-Made investment options, like our MySuper default option: Balanced Growth.

We recommend you seek financial advice before switching investments. Got questions? Our friendly advice team is here to help.

Myth: I have to change super funds when I change jobs

Fact: If you’ve got a new gig, congrats! You can take HESTA with you whenever you start a new job. These days, your super fund will follow you from job to job, so if you’re already with HESTA, you’ll just need to let your employer know you’d like to stay with us using the ATO super choice form they give you when you first start. You can do this by including your member number on the form, which you’ll find on your annual statement. 

Myth: I can’t access my super until I’m 67

Fact: You can access your super when you reach preservation age. This is now 60 years of age for anyone currently under 60 or anyone who meets a condition of release, like being retired from work. There may be other circumstances where your super can be released early, like financial hardship or compassionate grounds.

Learn more about accessing your super. 

Myth: My employer makes contributions to my super, so I don’t have to

Fact: Under the Super Guarantee until 30 June 2025, your employer contributes a minimum of 11.5% of your salary to your super. Although this will increase to and remain at 12% from 1 July 2025, these contributions alone may not be enough to give you the retirement you want, particularly as our life expectancy increases. That’s why you can make your own contributions to your super on top of what your employer pays, if you can afford it.

Learn more about extra contributions, and see the difference an extra $30 a week could make.

Myth: I have no control over how my money is invested

Fact: As a HESTA member, you have the freedom to choose how your money is invested, because as your needs and goals change, so should your super investment choices.

Most members are invested in our MySuper default option: Balanced Growth. To find out what options you’re currently invested in and what the alternatives are, log in to your account. If you feel you need some help with your investment strategy, reach out to the HESTA advice team. They can help you decide what’s best for you.

Myth: I don’t need to think about my super until I’m older

Fact: Retirement might seem like a long way off for many of us, but the sooner you start paying attention to your super, the more time there is for your balance to grow. Thanks to the power of compound interest, even small actions now can make a big difference to your retirement. It’s never too early to combine your super or make extra contributions.

Myth: Super is all the same, it doesn't matter which fund I'm with

Fact: Not all super funds were created equal. One way to figure out how well a fund is performing is by looking at the ‘net benefit’. This is a calculation of your investment earnings after fees and taxes have been taken out. HESTA has earned the SuperRatings Net Benefit award in 2021, 2022 and 2024, which recognises us as the Australian super fund with the best net benefit outcomes delivered to members over the short and long term¹.

Learn more about how to decide which is the best super fund for you.

¹ Product ratings and awards are only one factor to be considered when making a decision.