Superannuation is essentially a long-term savings scheme with the objective of providing an income for your retirement.

Superannuation generally involves employers, the self-employed and employees making contributions on a regular basis over a long period to a superannuation fund. The superannuation fund holds the contributions in trust for the member - you. Your contributions are invested to increase the amount of money available to you when you retire.

You can only withdraw money from your superannuation when you meet "a condition of release". There are a number of these but the most common condition is when you retire. At that time you can either withdraw all or part of you superannuation (there may be tax to pay on withdrawals which depends on the classification of the money being taken out) or move from accumulating superannuation to having the superannuation savings pay your an income.

Superannuation is probably your biggest asset outside of your home. It is therefore important that you understand what it is and how it works so that you can maximize your benefits for retirement.

Consulting a Salisbury Group Adviser about your superannuation and what you can do to build your nest egg is a great investment for your future.