Annual super statements arrive for all Australians this month and QSuper Chief of Member Experience, Jason Murray, has released five important details that Aussies should be checking.
1. Check your account balance
"Your statement will show your opening and closing balance for the financial year," Mr Murray said.
"Ideally, your statement should also include a snapshot of your account over the past five years so you can see how your retirement savings are tracking over time.
2. Review your transactions
"Just like a bank statement, your super statement will detail all the transactions on your account for the year, including the contributions made to your account, and any fees, insurance premiums and withdrawals that have come out.
"If you are employed, check to make sure you've received regular contributions from your employer.
"If you have been topping up your super through salary sacrifice or after-tax contributions, make sure they are on there too.
3. Check how your investments performed
"Your statement will show you how your money is invested and how those investments performed, including your total investment earnings for the year.
"Super funds offer different options that range from low to high risk, so make sure you’re comfortable with where your money is invested.
"The right investment can make a big difference to your retirement.
4. Check your insurance cover
"Your statement will provide you with a summary of the automatic insurance that may come with your super account, including whether you are covered if you’re off work due to sickness or injury and the amount that will be paid out if you die or become totally and permanently disabled.
"Check the total benefits available to you and review your premiums to make sure your cover is right for your current circumstance.
5. Review nominations
"Review your personal details including who you have nominated to receive your super if you die.
"Make sure your super fund has your most up to date contact details, including your email and postal address, so you don’t run the risk of losing your super account down the track.
"If your circumstances have changed recently, make sure you have updated your beneficiaries because your super does not form part of your estate."
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|Advertised rate||Comparison rate||Monthly repayment||Rate Type||Offset||Redraw||Ongoing Fee||Upfront Fees||LVR||Lump Sum Repayment||Additional Repayments||Pre-approval|
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