Super jargon buster

Jargon. It’s everywhere, and in few places more-so than superannuation. We have ‘binding nominations’, and ‘preservation age’ because, according to the dictionary, jargon comprises “special words or expressions that are used by a particular profession or group and are difficult for others to understand”. 

Jargon, by definition, is alienating while technical terms can make people feel disengaged. Another of jargon’s primary effects is to make things unclear, so it’s little wonder that in years gone by, many people have found it easy to feel disconnected from their super. 

The good news is that things appear to be changing. According to the tax office website, the number of people with multiple super accounts has declined to around 74% (in 2021) indicating that people are understanding the benefits of having a single super fund rather than several accounts charging multiple sets of fees and insurance premiums. 

At Prime Super we want to bring you closer to your super so you can enjoy the best possible retirement. We work hard to make sure the information we send you makes sense. And while we can’t change the superannuation vocabulary, we have put together a list of super-related words to support our members in understanding their retirement savings and getting more out of their super. 

Visit our super glossary

You’ll find the answers to questions like “what is stapling?” and “what’s an unrestricted non-preserved benefit?”. The definitions may surprise you! 

We’re here to help 

If you’d like to speak with one of our team members, call 1800 675 839 between 8am and 8pm AEST Mon-Fri or email us with any questions or feedback you may have.  

This article is current at the date of publication and is subject to change. It contains general information and does not take account of your specific objectives, financial situation or needs or personal circumstances. You should seek professional financial advice, consider your own circumstances and read our Product Disclosure Statement (PDS) before making a decision about Prime Super. For a PDS and Target Market Determination call 1800 675 839 or visit the primesuper.com.au/pds. Prime Super Pty Ltd ABN 81 067 241 016 AFSL 219723 RSE L0000277 (Trustee), Prime Super ABN 60 562 335 823 RN 1000276.