Keeping track of your super
Check your annual statements
To make sure you get a statement, keep your super fund up to date with your contact details. If you have more than one account, keep all funds up to date.
When you get your annual statement, check that the following is correct:
- Your fund has your tax file number (to ensure your super is taxed at the correct rate)
- Your address and contact details
- Your nominated beneficiary
- The balance of your fund at the start of the year
- Your employer's payments during the year
- Any extra amounts you paid in
- Fees and costs deducted (including for example, insurance and taxes)
- How much the fund credited to your account from its investments
- What you now have at the end of the year.
As well as making sure that your super statement is correct and the information your fund has about you is accurate, it can also be a goodf prompt to consider things like:
If you don't understand anything in your statement, contact the fund. You have the right to a clear explanation. If you don't receive it, complain to your fund.
Keep all your statements in a safe place so you can keep track of your accounts and contact your fund if necessary. Keep a copy of the free booklet Super Decisions with your statements. This booklet contains much of the information about super that is on this website.
Get your free copy of Super Decisions now
Read your fund's annual report
How well did your fund invest your money? The fund's annual report tells you about the investments it made and how they performed during the year.
Does the return broadly match the target set out in your fund's product disclosure statement? If not, look for an explanation, and ask yourself if it makes sense.
Judge your fund's performance over at least 5 years. Compare returns for that time with the market. Many funds show these comparisons. Tips for judging your fund's performance
Small amounts in lots of accounts?
To manage your super more easily and save costs, consider combining small accounts into a single account in a single fund. (Check the impact of termination fees first.)
If an account has less than $1,000, special rules apply to administration fees. Contact your fund for details.
If an account has less than $200, the fund may allow you to withdraw the money when you finish your employment. Unless you really need the money, it's generally better to roll it over into your next fund, and you won't have to pay tax.
You can transfer funds by using the Request to transfer whole balance of superannuation benefits between funds form (NAT 71223) from the Australian Taxation Office website.
Recover your lost super
Unless you keep your funds up to date with your address, they might consider you a 'lost member', and transfer your benefits to an 'eligible rollover fund' where your investment earnings may be less. About eligible rollover funds
The sooner you recover any 'lost' super, the less hassles and paperwork. To check if you have any lost super, visit the Australian Taxation Office (ATO) website and search the free SuperSeeker service. You'll need to supply your name, date of birth and Tax File Number.
Check employer contributions
Employers must pay contributions quarterly, and may pay more often. Your payslip may show how much of your pay has been paid into your fund.
Occasionally, employers pay in too little. Check with the fund that you're registered as a member and that the right contributions are getting through. If you are casual or part-time, this is especially important. Talk to your employer at once if payments seem too small or are not getting through.
If you are concerned about unpaid super contributions, or if you would like to know more about the process the Australian Taxation Office follows to investigate unpaid super complaints, visit www.ato.gov.au/unpaidsuper or call 13 10 20.
Who gets your death benefits?
If you die while a fund member, the trustee must normally pay your death benefit to one or more of your dependants or your estate. More about what happens to your super if you die
FIDO Website: Printed 12/02/2008
