Age of truck drivers means superannuation must be front of mind, Transport Industry Superannuation Fund says.
A large chunk of Australia’s truck driving workforce will reach retirement age next year but many are not focused on their superannuation.
The Transport Industry Superannuation Fund is urging drivers to pay closer attention to their retirement savings to ensure they have enough to live on.
The fund estimates 20 per cent of truck drivers will reach retirement age in 2016.
However, fund manager Di Caldwell-Smith says a lack of superannuation knowledge is “a serious issue” among drivers and company owners.
“We know that from [Australian] Tax Office figures that 43 per cent of Australians don’t have any interest in super,” she says.
“To counter the disinterest, Transport Super is working closely with the industry to make their offer easier to understand and provide better communication and information so that truck drivers can make informed retirement decisions.”
Transport Super is an industry-created fund made up mostly of employee drivers, owner-drivers and family operated outfits.
It has released a number of tips in a bid to raise awareness levels around superannuation, such as the importance of understanding how it is invested and the benefits of personal contributions on top of the minimum 9.5 per cent employers must pay.
The fund says drivers need to check their payslips to make sure compulsory payments are being made and are accruate.
“Don’t rely on the age pension as your only retirement income. It won’t go far or buy cars or holidays,” it says.
“Plan early for your retirement. Don’t think about it when you hit 50 and then panic about how little you’ve saved. People are living longer so expect many years in retirement.”
Transport Super says drivers should also make sure their superannuation is consolidated into one fund.
“As a truck driver you’ve probably had more than one job, so it’s likely you have more than one super account. Consolidating could make a real difference to your end balance, plus lower your fees and be easier to manage.”