Understanding your annual super statement
Your Vision Super annual statement is now available via your AOL account so simply log in to view it or call us and we’ll send it out to you. We understand member statements are often full of terms you may be unfamiliar with, but it’s important to check at least a few key points to ensure your retirement savings are on track.
Your personal details
Verify the accuracy of your personal details to avoid problems. Make sure your contact details are still correct, and, to avoid paying any extra tax, check to see we have your tax file number (TFN).
Your account balance
To see how much you have in your account at the start and end of the financial year, check the opening and closing balances. The difference between the two figures is usually contributions coming in, investment returns, tax, fees/premiums coming out and of course any withdrawals that may have been made.
Check the fees listed on your statement. They usually include an administration fee, which covers the cost of managing your account and an investment fee.
Some funds charge fees which Vision Super does not, such as a fee for receiving contributions or switching investment options. If you have multiple accounts, make sure you familiarise yourself with these costs to ensure you understand what you’re paying for. Understand whether you can consolidate accounts but please remember if you have an active Defined Benefit account this can’t be consolidated.
If you do have insurance cover it is always good to review it when your circumstances change, like getting a pay rise or starting a family. This way you'll make sure you're covered for what you need and not paying for something you don’t need.
Also, check if you’ve lost your insurance cover because your account was inactive. As a result of the 1 July 2019 Protecting Your Super reforms, you may wish to reapply for insurance.
Check the investment option listed on your super statement in the notes section because this explains your mix of investment assets. Each investment option has a different mix of assets and may include local and international shares, property, fixed interest and cash. Think about whether your investment option (such as high growth, balanced, conservative or cash) reflects your risk appetite.
Your contributions and transactions
Review the list of transactions for your super account. Your transactions can include your employer contributions, any personal contributions you made, rollovers that have occurred, and, if you made withdrawals, that information will be in your transaction history also.
Check your employer has paid regular Superannuation Guarantee amounts into your super account. If the payments are not there, contact your employer immediately.
Vision Super is here for you
Reading your statement doesn’t have to be scary. If you’re not sure if you’re doing the right thing, Vision Super’s friendly staff are here to help you on every aspect of your super, from the simplest question through to a comprehensive financial plan. To learn more, head to visionsuper.com.au/advice or call us on 1300 300 820 Monday to Friday 8:30am to 5pm.