Australia has a fairly complex superannuation system. Employers must, by law, make payments into an employee's super fund. Many Australians have several jobs over their working lives, so can accumulate money in several super funds. There are disadvantages to this, because the funds charge fees and the person with several super funds is paying more fees than necessary. At the same time, the money is not compounding interest as fast as it would if it was all in one fund. Each employee should pick a super fund that has low fees and good investment choices and make this the one fund to focus on. The investor can then ask his or her employer to put money into the designated super fund. The other useful thing is to salary-sacrifice part of the salary into a super fund, to build up more retirement income.
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