Checking your super statement
Is your superannuation on track?
Checking your annual super statement can make a
big difference to how much money you'll have when you
retire. Here we explain what to check on your
Check your personal
details and super contributions
Whether you receive your statement by post, online or in an
email don't ignore or delete it. Spend a few moments getting to
know your super to see if you could be doing better.
Keep all your statements together in a safe place so it's easier
to keep track of your super, and have your fund's contact details
handy if you need them.
Check the following to see if you need to make any changes:
- Personal details - Make sure your address and
contact details are correct so your money doesn't end up in lost
- Balance - Does the balance look about
right? Consider your starting balance, employer contributions,
investment returns and fees. If something doesn't look right,
contact your super fund and ask them to explain.
- Employer's payments - 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've made personal
contributions, either directly or through salary
sacrifice, make sure your super fund received them.
- Tax - Employer and salary sacrifice
contributions are taxed at 15%. Investment returns are taxed at a
maximum of 15%. If you have been taxed more than this, your super
fund may not have your tax file number. Check with your fund and
give them the details they need.
Compare fees and investment
Being in a fund with low fees and good returns can have a
significant impact on your income later in life. Use a super comparison
website to compare your fund with others over a 5-10 year
period to see if it stacks up. The net return (investment
return less fees) is what matters in the long run. Just because a
fund did well last year, doesn't mean it will do well this year, or
the following year.
Compare funds based on the investment option you want to be in,
which may be different to how you are currently invested.
When you review your super statement take a look at:
- Fees - Do the fees look
reasonable? APRA's Annual
Superannuation Bulletin shows that super fund members pay an
average of 0.8% pa in administration and investment fees. If you're
not happy with the fees you're paying consider changing super funds.
- Investments - Consider whether your investment option is
appropriate for your age and attitude towards risk. This may change
over time. Most funds allow you to split your money across more
than one investment option. Your super fund can help you choose the
right options for you.
insurance and beneficiaries
Most super fund members have a basic level of personal insurance
within their super fund. The question is, does it meet your
Insurance is not a fee, it is a premium for personal insurance
cover, typically death, disability and income protection. Insurance
through super can be a cost-effective way of protecting you and
your family from financial difficulty if something goes wrong.
If you've changed jobs, your life insurance may have also
changed, even if you've stayed with the same super fund. Check that
your insurance premiums are based on your actual circumstances, for
example that you haven't been classified as a blue collar worker or
a smoker if that doesn't apply to you. This information might not
be on your statement, but your super fund will be able to tell
Check that you have the cover that you need but are not paying
for something you don't want.
Super cannot be dealt with in your will, so it's important to
consider who will get your super (including your insurance) if
something happens to you.
A beneficiary is a person you nominate to receive your super
benefits (death benefits) if you die. If you have not
nominated one or more beneficiaries, the super fund trustee will
decide who gets your super. See super death benefits for more
Beneficiary nominations can be binding or non-binding. A binding
nomination is typically only valid for 3 years so it's important to
make sure your nominations are up to date, especially if your
circumstances have changed since you last made the nomination.
If you receive more than one super statement this year, it
probably means you have more than one super account. You might be
able to save on fees and insurance if you consolidate your
Don't automatically keep the fund with the highest balance,
compare multiple funds on their merits before you decide which one
Make sure you can get the insurance cover you need within your
chosen fund before you close an account that currently provides you
Get personal financial advice if you
need help deciding on a super fund and an appropriate level of
If you don't understand your super statement,
or think that there's an error, contact your super fund. Make
sure your super fund has your correct details and that you know
what you're paying for!
Last updated: 05 Jul 2019