Article provided by www.sorted.org.nz

Many women steer clear of the company super scheme because they are planning to leave work and start a family or they work part-time and think they might not be eligible.

Sorted's advice to you is simple - don't assume anything.

In any case, even a short spell in a workplace scheme can be worthwhile, especially if your employer offers a top-up or pays the fees.

Employer pays the fees

Investments are like bank accounts. Somewhere along the line, there are fees to pay. Some employers pay the fees associated with the company savings schemes to make it easier for their employees to save. Although it might not seem like a huge amount, the long term effect of paying no fees can be quite surprising.

Employer top-ups

An employer top-up, or subsidy, means that your employer contributes extra money alongside the money you pay into the scheme. For example, if you put in $10 per week, your employer also puts in $10 every week.

An employer top-up increases the value of your savings with no extra effort on your part. Usually there are conditions to be met before you get the subsidy. Be sure you fully understand those conditions.

For more information, visit www.sorted.org.nz

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