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Take control and spring into super!

Date: Sep 18th, 2013

For most of us, spring means swooping magpies, blossom on the fruit trees and changing the winter doona. It may also mean the arrival of your annual super statement in your letter box or inbox.

Take control and spring into super!Making sense of your super statement

Your super statement might look a bit daunting, but it’s not as complicated as you think. To help make it easy, here is a simple checklist to guide you through your super statement this spring.

  • Did you receive your statement?

If you haven’t received your statement, your contact details may be out-of-date or your statement may be sent at a different time of year—for example on your account anniversary.

Go to to check we have your correct address and update your account details. If it’s your first time on My Portfolio, you can register in a few simple steps and start taking control of your super future—not just once a year, but all year round.

  • Did you get more than one statement?

You might have good reasons for owning more than one super account to keep the benefits of a particular fund, such as insurance. But more often than not, it’s accidental. The more funds you have, the more sets of fees you’ll be paying.

If you’ve been thinking about finding and bringing together your super accounts, this is a great time to do it. The ATO’s super seeker site ( is a good place to start looking.

  • Have all your contributions been paid?

Check your statement to make sure all payments made by your employer appear on your statement, as well as any extra voluntary contributions you’ve made.

From 1 July, the minimum rate of employer super contributions is increasing from nine per cent to 9.25 per cent, the first of a series of increases over the next few years taking the rate to 12 per cent.

You can boost your retirement nest egg by:

  • sacrificing some funds from your pre-tax salary at a concessional tax rate
  • taking advantage of government incentives.


  • Where are your savings invested?

Your statement tells you how your money is invested and where your future contributions will be allocated. Different asset mixes may work best for you, depending on your financial goals, when you plan to retire and how much risk you’re prepared to take on.

Calculators ( are a helpful way to better understand how much you’ll need to live on in retirement and whether you’re on track to get there.

  • Are you fully protected?

Your statement tells you how much insurance cover you have with your fund and how much it’s costing.

Many super funds provide a default level of insurance cover. But you might want to think about increasing your cover to make sure you and your family are fully protected financially if something happened to you.

  • How much are you paying in fees?

Your statement tells you the fees and costs you have paid for your super fund to manage and invest your savings. These include rebates (fees paid back into your account as per your fee structure), and direct fees (the fees that apply to your plan and Benefit Category).

  • Who will receive your money if something happens to you?

Your statement tells you who you’ve nominated as your beneficiary (if you have made your nomination)—the person who will receive your benefit in case of your death. It’s important to renew your nomination regularly, particularly after significant changes in your life.

Do you have any questions about your super or your super statement? Call us today on 07 5447 7740 for a conversation.


What you need to know

Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. If you decide to purchase or vary a financial product, your financial planner, our practice, AMP Financial Planning Pty Ltd and other companies within the AMP group will receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.

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