A statement is issued to every member of a super fund at least once per year. It is usually sent sometime between July and September and provides a snapshot of your super balance. Don’t throw it out. Your statement tells you very important information like your account balance, investment mix, total contributions received during the year, fees paid and insurance or any other deductions made from your account.

Remember that your account balance could go up or down, just like the investment market.

Your employer is legally obliged to pay at least 9% of your salary into your super fund annually. This is called the Superannuation Guaranteed Contribution (SG). Employers are required to pay SG contributions by the 28th of the month following quarter end.

Recorded on your statement are all the contributions made by you or your employer during the year. They usually fall under either SG contributions, additional employer contributions, government co-contributions or personal contributions.

Also recorded on your statement, are the fees charged by your fund to run your account and invest your savings. Fees can be classified in many ways but usually fall under administration fees, investment fees or commissions.

Serious, it is a good idea to read your Annual Statement, as you would your normal bank statement, even if this is all you do for your super during the year. Check for any unusually high fees charged to your account and anything else that seems odd.

Don’t be afraid to question it.

BACK TO SUPER SCHOOL