What to look for on your super statement
Ensuring your superannuation is on track is important for your future and can have an impact on how much money you will have when you retire. Most funds send out superannuation statements once a year, usually at the end of the financial year, while others send out statements twice a year. Whether you receive your statement online, by post in via email – don’t ignore it!
Here is what to look for when checking your statement:
- Personal Details
Check your name, address and other personal details listed on the statement are correct. Most funds will allow you to change these details online by setting up a member login. - Tax File Number (TFN)
Make sure the Tax File Number listed is correct. If there is no TFN listed, or the incorrect number is listed, you may be paying too much tax. - Employer Contributions
Make sure you’ve received all your employer contributions. Employers only have to transfer super contributions quarterly, but they can pay super more frequently. If you are concerned about unpaid super contributions, see the ATO’s information on unpaid super. - Personal Contributions
If you have been making personal contributions to your superannuation either by salary sacrifice or directly, make sure those personal contributions are reflected on the statement. If you have not provided your Tax File Number, your fund will not be able to receive the payments you have made. - Check your balance
Does it look correct? Consider your own contributions, employer contributions and investment earnings. Deductions for fees, taxes and insurance premiums will also be outlined on the statement. If something doesn’t look right, contact your superannuation fund. - Fees
All superannuation funds will charge fees. These fees include charges for administration, investment options and/or brokerage fees. APRA’s Annual Superannuation Bulletin shows that super fund members pay an average of 0.8% pa in administration and investment fees. It is important to be aware of the fees and charges you are paying, as paying too much will affect your superannuation balance and it’s important to make sure you’re getting enough investment earnings to justify any fees you’re paying. - Investment Options
Most superannuation funds offer a variety of investment options and allow you to split your money across more than one investment option. You should consider whether your current investment options are suitable for your age and other personal circumstances, as these will change over time. A Certified Financial Planner will be able to assist you in making the right choice in investment options. - Insurance
Most superannuation funds provide a basic level of personal insurance within their fund. The premium to pay for the insurance cover is taken from you super balance. While paying for insurance through your super fund may be more affordable it is important to consider whether the insurance cover meets your needs.Check that your insurance premiums are based on your actual circumstances, for example that you haven’t been classified as a smoker if that doesn’t apply to you. If this information is not on your statement, your super fund will be able to tell you.
- Beneficiaries
A beneficiary is a person you nominate to receive your super benefits (death benefits) if you die. Because your superannuation cannot be dealt with in your will, it is important to ensure the nominated beneficiary is correct. If you have not nominated a beneficiary, the super fund trustee will decide who gets your super. Beneficiary information should be listed on your statement.
If you have multiple superannuation accounts you should consider consolidating your accounts into one to save on fees and charges. A financial planner will be able to help you decide on a super fund and an appropriate level of insurance cover.
https://www.moneyandlife.com.au/superannuation/what-to-look-for-on-your-super-statement/