SUPERANNUATION


The Survey of Income and Housing (SIH) collects a range of data about superannuation. This allows analysis of both the accumulation and the disbursements of superannuation by households and persons.

All superannuation information is collected at the person level. It can therefore be analysed by person or by household. For analysis of income and wealth accumulation it is usually most relevant to analyse the circumstances of the household.

Some information is also collected about the individual superannuation accounts people hold.


PERSONAL INCOME

Salary sacrifice superannuation arrangements of employees

This is a component of employee income and has been available since 2003–04. The relevant person level data item is:

• Current weekly employee income salary sacrificed for superannuation

Superannuation contributions paid to employees by their employer at a level that exceeds the minimum compulsory contributions

This is a component of employee income and has been available since 2003–04. The relevant person level data item is:

• Current weekly benefit from employer provided superannuation (above minimum - non salary sacrifice)

From 1 July 2002 to 30 June 2013, the superannuation guarantee rate was 9%, which then rose to 9.25% for the 2013–14 financial year. However some individual workplace agreements or enterprise bargaining agreements provide for employer superannuation contributions that exceed these rates. Respondents may therefore interpret this question in different ways.

Regular income from superannuation, annuities or private pensions

This is a component of 'Other income' and is available for both current income and previous financial year income. It has been collected in all previous cycles of the SIH and its precursors. The relevant person level data items are:

• Current weekly income from superannuation/annuity/private pension
• Previous financial year income from superannuation/annuity/private pension

This is the only retirement income from superannuation, annuities and private pensions that contributes to estimates of current and previous financial year household and personal income. Irregular lump sum withdrawals are not included in this measure of income.


SUPERANNUATION FUNDS

Balance in superannuation funds

This is a component of financial assets and has been available since 2003–04 in every SIH except for 2007–08, when wealth data was not collected. The total value of superannuation funds is available split by whether they are government or non-government funds.

The relevant person level data items are:

• Balance of accounts with government superannuation funds
• Balance of accounts with non-government superannuation funds

Respondents were encouraged to refer to their last superannuation statement for fund balances.

Superannuation accounts

In 2013–14 SIH, a range of new information is available about the individual superannuation accounts people hold. The complete list of data items for 2013–14 SIH are available from the 'Downloads' tab of this publication as an Excel spreadsheet, and super account items can be found under the 'Superannuation accounts' section on the 'Person' level. The different types of information are:

• income by type of pension or annuity;
• total number of superannuation or retirement benefit scheme accounts;
• number of retirement schemes currently paying regular income by type of pension and their balance;
• number of retirement schemes currently paying no income and their balance; and
• oldest age will be receiving a term annuity.

Additionally, a new 'Superannuation' analysis level has been created in the 2013–14 SIH output to provide similar data about individual superannuation accounts for the first time. This data can only be analysed as a paid customised data request.

Lump sum superannuation payments

Value of lump sum superannuation payments

The value of lump sum superannuation payments received in the last two years that were in total worth $500 or more, has been collected since 2003–04. It enables analysis of how people are using their superannuation funds other than as a source of regular income. These payments do not contribute to current weekly estimates of personal or household income.

The relevant person level data item is:

• Personal irregular receipts from superannuation payments over last 2 years

Use of lump sum superannuation payments

The uses, and main use, of lump sum superannuation payments (received over the last two years) was collected for the first time in 2013–14. These include re-investment into other assets, debt reduction and consumption expenditure. The complete list of data items for 2013–14 SIH are available from the 'Downloads' tab of this publication as an Excel spreadsheet, and super lump sum items can be found under the 'Superannuation lump sum receipts' section on the 'Person' level.