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Your 6 questions you should ask yourself when your benefit statement arrives

1. Did you receive more than one statement?

If you received more than one super statement it means you have more than one super account and could be paying unnecessary fees. If you do have more than one super account it’s worth consolidating them into one. This way you’ll stop paying multiple fees and your super will have a higher base from which to grow.

2. What’s your account balance? Have your SG contributions been paid by your employer?

Check your account balance and transaction listing. Your account balance will show you how much you’ve got in super while your transaction listing will show you all the super your employer has contributed (including any salary sacrifice and voluntary contributions you may have made) during the last financial year.

If your employer hasn’t paid your super entitlements or you think the amount is incorrect make sure you speak to them as soon as possible to get it sorted.

Step one is to speak to your employer to clarify how much super you’re entitled to and when it should have been paid into your super account. If you get an unsatisfactory answer from your employer you should lodge an enquiry about unpaid super with the Tax Office.
 
3. How much insurance cover do you have?

Insurance cover – death, TPD and income protection are an important element of your super, yet some people are unaware of their level of cover or that they even have insurance at all. When you get your statement you should review your level of cover.

You may find that if it’s been awhile since you’ve checked you may need to increase your level of cover.

4. Where is your money invested?

The majority of Australians have their super invested in their super fund’s balanced investment option. While this may be fine for most, it’s worth reviewing your investment options to see if there’s another option better suited to your investment horizon and risk profile.

5. Have you nominated a beneficiary?

If you have it will be listed on your account summary. It’s not uncommon for people to nominate a beneficiary when they first open their super account and then forget about it. If your personal circumstances have changed since you first nominated a beneficiary (you might have gotten married, divorced or had children) it’s a good idea to check and update your nomination so that the people you want to receive your benefit when you die are not left out in the cold.

If you haven’t nominated a beneficiary at all, it’s a good idea to have a think about who you would like to receive your benefit once you pass away. It’s also important to remember that the purpose of your super is to provide for you in retirement and for your dependants when you pass away.

6. How much are you paying in fees?

It’s a good idea to check how much you’re paying in fees to ensure that your super isn’t being eroded by fees. We’ve all seen the industry super fund television commercials that show the difference that fees can make to your final super balance. So if you think you’re paying too much in fees it’s worth shopping around for some less expensive options.