Get to know your Super Statement

By Forrest Private Wealth

Superannuation annual statements in Australia are released every August. Before you discard your statement without reading it, you should at least comprehend what the information on your super annual statement means. 

This article was written for people who want to take control of their retirement. In this article, we will cover what an annual super statement is, why super statements are important, and what super statement details on your statement are important. 

What is an annual superannuation statement? 

Every year, your superannuation fund sends you an annual statement. This is known as your annual super statement. The annual super statement provides an overview of your super fund’s performance, your contributions, and many other details of your account for the entire year.  

Superannuation annual statement – Why is it important? 

If you do not read your annual super statement, you risk missing important details that may help you make informed decisions about your super down the road. There are two main reasons you should read your annual super statement. 

1. Align your financial goals
  • Australians rely on their superannuation funds for retirement as it can be one of their most valuable assets. By reading your super statement, you can monitor the progress of your retirement savings and make adjustments when necessary to ensure your super aligns with your financial goals.  
2. Transparency
  • Super funds publish statements yearly that provide key insights into the fund’s activities. With this information, you can monitor how your money is being used, how your investments are performing, and the fees your fund is charging you. 

Data shows that people are not happy with super funds neglecting them by not keeping their clients up to date. This has caused movement by members to new funds. Some super funds communicate well, other’s do it poorly. Transparency and information are important to a member being able to plan their retirement. Retirement planning is an important consideration for any member of a superfund. Your superannuation is planned for your retirement!  

Annual super statements serve as a channel of communication between super funds and their clients. This can be useful for super funds as frequent updates can keep their clients informed and happy. 

What super statement details are important? 

Opening an annual super statement can be daunting if you are unsure about what each section means. The information below details some of the important sections on your super annual statement, and what items you need to be aware of. 

1. Personal details
  • Your name, contact number, tax file number, and other personal details on your annual super statement should be accurate. Update your account or contact your super fund if the details on your super statement are inaccurate. 
2. Beneficiary nomination, or binding nomination
  • Check you have nominated a beneficiary for your superannuation and ensure they reflect your current wishes. This should be kept up to date as it determines who will receive your super benefits after your passing. If you would like to learn more, read our blog about what happens to your super when you die.  
3. Occupation and salary details
  • Your super statement may include your occupation and salary details. This is an important topic as it can impact your contributions and insurance coverage. Check your details are correct to avoid discrepancies in your super contributions and entitlements. 
4. Investments
  • Annual super statements show how and where your money is being invested. Super members can put their money into investments like balanced, growth, or conservative options within their super fund. Assessing your investment options helps you align your level of risk and reward for your financial objectives.  
5. Insurance coverage
  • Superannuation funds typically offer a range of insurance coverage like life insurance, income protection, and Total and Permanent Disability (TPD) insurance. The type and the extent of insurance coverage you have should be included on your super statement. Make sure your insurance meets your needs and make any required adjustments.  
6. Transactions
  • The transactions section of your annual super statement includes the contributions and withdrawals made, investment profits or losses, and super fund fees. Examine the transactions listed and check that they are accurate. Reviewing your transactions is also a great way of monitoring your account growth.   

An annual superannuation statement provides an overview of your super account for the entire year. It can be beneficial to review your annual super statement as it offers transparency and enables you to track and plan the use of your retirement money. To ensure your retirement money is being utilised properly, check the items in your super statement thoroughly. If you have any questions, you can always reach out to a financial planner to discuss your superannuation statement.  

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Planning with the bigger picture in mind is the key to financial success. Our financial planners in Perth work with you to understand your short and long term goals. 

To ensure a successful retirement, set aside some time now to consider the “future you.” We can help you make intelligent and informed decisions about the alternatives available to you by getting to know what matters to you, with the goal of putting a strategy in place to get you where you want to go. 

Forrest Private Wealth are experts in financial planning and retirement planning. Reach out today to learn more about the benefits of having an expert on your team to help guide your personal finances. 


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