Viewing and understanding your annual statement

6 October, 2022 |

Member statements might be full of terms you may be unfamiliar with, so it’s important you understand the key points to ensure your retirement savings are on track.

To view your statement, log in online here, click on “Account” and “Annual statement”. There you will find this year’s annual statement, and statements from previous years too.

Your personal details

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

Your details like your phone number and address can be easily checked and updated by logging in to your account online. Alternatively, you can contact us and we can do it for you. If you need to update your name or surname, we can guide you on how to do that too.

Your account balance

To see how much you had 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, tax, fees/premiums coming out and of course any withdrawals that may have been made. Your investment earnings will also affect your balance. More information is provided below.

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  • Preserved – can be withdrawn only if you satisfy a condition of release
  • Restricted non-preserved – can be withdrawn when you leave your employer or satisfy another condition of release.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  • Unrestricted non-preserved – can be withdrawn at any time, but tax may apply.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 and costs

Check the fees and costs listed on your statement. They usually include an administration fees and costs, which covers the cost of managing your account, and investment fees and costs.

Some funds charge fees that Vision Super does not, such as a fee for switching investment options. If you have multiple accounts, make sure you familiarise yourself with these fees and costs to ensure you understand what you’re paying for. Understanding whether you can consolidate accounts is also worth researching, although please remember if you have an active Defined Benefit account this can’t be consolidated.

Your insurance

If you have an accumulation account, check what insurance cover you have through your super and what the premiums are. Make sure the level of cover you have matches your current needs.

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, due to government reforms, you may have lost your insurance cover if your account has been inactive. If this is the case, you may wish to reapply for insurance.

Your investments

If you have an accumulation account or a pension (non-commutable account based pension, or account based pension), your funds will be invested. 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 how much risk you’re willing to take. You can find more information about the investment mixes on our website here: https://www.visionsuper.com.au/invest/investment-options/

The investment performance for our options can be found in the notes section of your annual statement.

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 too.

Check your employer has paid regular Superannuation Guarantee amounts into your super account. If the payments are not there, feel free to contact us or have a discussion with your employer.

Your beneficiaries

All account types, aside from Defined Benefit, have the option for you to include a beneficiary. Confirm you’re happy with the beneficiaries 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 significantly different. Estate planning can be a complex matter, so you may wish to seek legal or financial advice.

Vision Super is here for you

Reading your statement doesn’t have to be overwhelming. 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.

 

 

Past performance is not a reliable indicator of future performance

 

5 December, 2022 |

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