Understanding your annual super statement

November 5 |  4 min read

A part of managing your super and making it work for you is understanding your annual statement when it arrives. Member statements are often full of terms you may be unfamiliar with, but it’s important to check at least a few key points to ensure your retirement savings are on track.

Your personal details

Verify the accuracy of your personal details to avoid problems. Make sure your contact details are still correct, and, to avoid paying any extra tax, check to see we have your tax file number (TFN).

Tip 1

Your account balance

To see how much you have in your account at the start and end of the financial year, check the opening and closing balances. The difference between the two figures is usually contributions coming in, investment returns, tax, fees/premiums coming out and of course any withdrawals that may have been made.

Understand the different components of your account balance:

  • Preserved – can be withdrawn only if you satisfy a condition of release.
  • Restricted non-preserved – can be withdrawn when you leave your employer or satisfy another condition of release. Usually it only applies to contributions made prior to 1 July 1999.
  • Unrestricted non-preserved – can be withdrawn at any time, but tax may apply.

Your fees

Check the fees listed on your statement. They usually include an administration fee, which covers the cost of managing your account and an investment fee.
Some funds charge fees which Vision Super does not, such as a fee for receiving contributions or switching investment options. If you have multiple accounts, make sure you familiarise yourself with these costs to ensure you understand what you’re paying for. Understand whether you cabcan consolidate accounts is also worth understand. Please remember if you have an active Defined Benefit account this can’t be consolidated.

 

Tip 2

Your insurance

Check what insurance cover you have as part of your super account and what the premiums are. Make sure the level of cover you have matches your current expectations.
If you do have insurance cover it is always good to review it when your circumstances change, like getting a pay rise or starting a family. This way you’ll make sure you’re covered for what you need and not paying for something you don’t need.

Also, check if you’ve lost your insurance cover because your account was inactive. As a result of the 1 July 2019 Protecting Your Super reforms, you may wish to reapply for insurance.

Your investments

Check the investment option listed on your super statement in the notes section because this explains your mix of investment assets. Each investment option has a different mix of assets and may include local and international shares, property, fixed interest and cash. Think about whether your investment option (such as high growth, balanced, conservative or cash) reflects your risk appetite.

Then look to see how your investments have performed during the year and how the investment returns compare to its benchmark. For example, Vision Super’s Balanced Growth option is consistently in the top 10 performing funds for 1, 3, 5 and 10 years rolling returns1 so make sure your fund’s performance is similar or better than its benchmark. This will also help to understand if your return expectations are realistic.

Your contributions and transactions

Review the list of transactions for your super account. Your transactions can include your employer contributions, any personal contributions you made, rollovers that have occurred, and, if you made withdrawals, that information will be in your transaction history also.

Check your employer has paid regular Superannuation Guarantee amounts into your super account. If the payments are not there, contact your employer immediately.

 

Tip 3

Your beneficiaries

Confirm you’re happy with the beneficiary you’ve nominated to receive the balance of your super account and any insurance benefit if you die.

There are two types of nominations, binding or non-binding, and they’re both significantly different. Estate planning can be a complex matter so you may wish to seek legal advice.

 

Vision Super is here for you

Reading your statement doesn’t have to be scary. If you’re not sure if you’re doing the right thing, Vision Super’s friendly staff are here to help you on every aspect of your super, from the simplest question through to a comprehensive financial plan. To learn more, head to our Advice page or call us on 1300 300 820 Monday to Friday 8:30am to 5pm.

 


1 Selecting Super

Past performance is not a reliable indicator of future performance

November 5 |  4 min read

Must Reads

Feature, Fund news, Investments, must read  |  2 min read

Investment update October 2020

The global pandemic has created heightened levels of concern around asset valuations, especially for infrastructure and property assets.

Feature, Fund news, Investments, must read  |  3 min read

Investment update Sept 2020

September saw positive returns as investors continue to adjust to the ‘new normal’ of the Covid-19 affected world.

Investments, must read  |  3 min read

The importance of diversification

The COVID-19 health emergency has already taken a terrible toll around the globe, with the impact on the economy significant. Many are out of work, and with falling financial markets...

Insurance, must read  |  2 min read

The value of insurance

Ever wonder how your family would cope if the unthinkable was to happen? How would you keep your independence, or protect your family. How would you keep your independence, or protect your family if you weren’t able to work?

Build a better future for you and your family

Invest in your future self

Sustainable products, quality advice, education and of course, low fees.

You have options when it comes to saving in your super and drawing from it on retirement. Find out which of our retirement products is most suited to you.

The Latest

Insurance  |  4 min read

Do you have the right type of insurance?

Many Australians who have insurance hold it through their superannuation account. Find out what more about Vision Super's insurance products and how to manage your cover.

Fund news  |  2 min read

Industry fund Vision Super appoints Deputy CEO

Congratulations to Chief Investment Officer Michael Wyrsch who was promoted to the newly-created position of Deputy Chief Executive Officer, for industry super fund Vision Super

Retirement  |  4 min read

Are you retirement ready?

Retirement is the time to start enjoying the money you spent your working life accumulating, and you’ll want to be confident that your money will go the distance. Vision Super can help take the stress out of these major financial decisions. You’ve already chosen us to take care of your super, let us guide you to a comfortable retirement.

Browser
Warning

This website may not render correctly on your version of Internet Explorer. Please download Microsoft Edge to keep browsing securely