Checking your super statement
Your annual super check up
Getting your annual super statement is a great
trigger to do a quick review of your super. Here
we explain what to check and what to do if you think there is an
What to check on your
Whether you receive your statement by post, online or in an
email don't ignore or delete it.
Keep all your statements in a safe place so you can keep track
of your super and have your fund's contact details handy if you
Check the following details to see if you need to make any
- Personal details - Make sure your address and
contact details are correct so your money doesn't end up in lost
- Balances - Does the balance look about right,
taking into account 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 received
all your employer contributions.
Employers only have to transfer super contributions quarterly,
however, they may choose to pay super more frequently.
- Personal contributions - If you've made personal
contributions, either directly or through salary
sacrifice, make sure they have been received by your super
fund. If you are concerned about unpaid super contributions, see
the ATO's information on unpaid super.
- Fees - Do the fees look reasonable? Are they what you
expected? And if you're not happy with the fees you're paying
consider changing super funds.
- Insurance - Insurance is not a fee, it is a
premium for personal insurance cover. Insurance through super can be
a cost effective way of making sure you and your family will be
alright financially if something goes wrong. Make sure you have the
cover you need but are not paying for something you don't
- Tax - Employer and salary sacrifice
contributions are taxed at 15%. Investment returns are taxed at a
maximum of 15%. If you are paying a higher rate of tax than this
your super fund may not have your tax file number. Check with your
fund and give them any details they need.
- Investments - This is a good time to review
your investment options and make sure they are still suitable for
you. Most funds allow you to split your money across more than one
investment option. Contact your super fund if you need help
choosing the right options for you.
Check your super
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 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.
Problems with your super
If you don't understand the statement or think there is an
error, contact your super fund and ask for a clear explanation.
They may refer you to your employer if the issue is about how much
super is paid into your account.
Your super is your savings for retirement. Make
sure your super fund has correct details for you and that you know
what you're paying for!
Last updated: 04 Sep 2017