05/10/10 Keeping track of your super

October 28, 2010 1:17 pm Published by Leave your thoughts

Many people have numerous superannuation funds and it is important that they are kept up to date and in check.

When you receive your annual statement check that all items make sense and your details are correct and recent.

Here are some key areas that need to be checked:

  • Your balance at the beginning 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.

In addition it is useful to trace how your money was invested through your fund’s annual report. How did they perform and does the return match the target set out in your fund’s product disclosure statement? If not, look into an explanation and whether it makes sense.

Remember that super is a long-term investment, so don’t panic if returns are negative. Your main concern is to maintain a grip on what your balance is and the nature of it.

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