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 each item makes sense:
- What you had at the start of the year
- Your employer's payments during the year
- Any amounts you paid in
- Fees deducted
- Cost of insurance cover
- How much was taken out for government taxes
- How much the fund credited to your account from its investments
- What you now have at the end of the year
- Your fund has your Tax File Number.
| 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 good prompt to consider things like:
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If you don't understand the 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.
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. Don't panic if returns are negative: remember that super is a long-term investment. See 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 and loss of any other benefits 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. See You can get your super earlier only in limited circumstances.
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.
Over recent years there has been a significant and steady growth in both the number and value of accounts listed on the Lost Members Register.
The latest available data indicate that some 6.4 million accounts totalling $12.9 billion is lost (or inactive accounts).
This represents roughly one in five of all superannuation accounts, and an average of one lost account for every two Australian workers. (Source: Treasury, November 2008).
Check employer contributions
Employers must pay contributions quarterly, and may pay more often. Your payslip may show the amount of super contributions that have been paid into your fund.
Occasionally, employers don't pay the correct amount. 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 straight away if the 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 super if you die?
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 03/16/2010
