Knowing what to expect from your employer and your fund can make keeping track of your super that much easier.
Monitoring your employer
The easiest way to check what contributions your employer is paying is to read your annual statement from your fund
It’s important to make sure you are getting the superannuation you are entitled to from your employer. Employee contributions are often the largest source of super savings and make a huge difference to your final balance in retirement. Most employers do the right thing but there are some, especially those in financial trouble, who may fail to pay super contributions to their employees.
Your payslip might already show the amount of super that has been paid by your employer into your fund. If not, the easiest way to check what contributions your employer is paying is to read your annual statement from your fund. This shows how much your employer has contributed on your behalf in the previous financial year. Some funds also allow you to check your statements online or you can call your fund at any time.
If anything on your statement looks unusual or doesn’t make sense, talk to your employer. Find out how often, how much, and into which fund they’re paying your super. Alternatively, you can contact your super fund.
If after checking you still think something is wrong and you need to take the matter further, the next step is to lodge an enquiry with the Australian Taxation Office (ATO) about unpaid super.
Need more info?: Try the ATO’s employee superannuation guarantee calculator tool or contact them on 13 10 20.
Keeping your fund updated with your details
The easiest way to make sure you always know what’s happening with your super is by ensuring your superannuation fund has your current details (such as your current name and address). This way they will always be able to contact you with the changes that affect your retirement savings and you have less risk of your super account becoming lost.
When you move or if you change your name, contact your super fund at the same time you contact your bank.
Fund communications
As a super fund member, you are entitled to certain details about your fund and benefits, including how your money is being managed. Here are the communications you can expect to receive from your super fund:
1. When you join
Product Disclosure Statement (PDS)
If you are a new or just prospective member, you are entitled to information about the fund's:
- aims and main features;
- fees and charges;
- management structure; and
- past performance.
This information will come to you in the form of a Product Disclosure Statement (PDS) which will help you compare funds. You must receive the PDS before you join a fund, or soon after if you choose your employer’s default fund. Speak to your employer or the fund if you don’t receive the PDS.
It is also common for your fund to send you forms on how to consolidate your super, change your insurance or investment options, or nominate a beneficiary when you first join.
2. On a regular basis
A member statement – at least once a year
Your member statement is designed to keep you updated on what has been happening to your superannuation. It should give information about your superannuation benefit for a particular period, usually 12 months. When you receive it, pay attention to:
- the amount of your balance at the start of the year;
- the amount of your balance at the end of the year;
- how much your employer has paid in;
- any voluntary contributions you paid in;
- how much insurance you have and how much your insurance has cost you;
- the value of any tax taken out; and
- the value of any investment returns (either positive or negative).
If you receive a member statement that is difficult to understand or does not provide you with all the information you want to know, contact your super fund to request further information.
Keep your past statements in a safe place as a record of your benefits over time. This will also make sure you always have contact details of your fund and your membership details handy.
Fund report - if your fund has five or more members
You are entitled to receive your super fund’s annual report, or information about how to get a copy of the annual report (usually from the fund’s website). The annual report should include enough information so that you can understand the management, investment performance, and financial condition of your superannuation fund. It should include:
- the fund's investment objectives and strategies;
- details of the fund's arrangements to deal with inquiries and complaints;
- the fund's contact details; and
- advice on other information that is available on request.
3. If something changes
Any change in circumstance, such as an update to the fund’s rules or new legislation, that may have a direct affect on your superannuation savings must be reported to you as soon as possible. This will usually be by post although email is also becoming more common.
4. When you leave the fund
When you exit a fund, you are entitled to information about your final super benefit such as how it was calculated and the details of any death benefits. If you do not receive this information, you should contact your superannuation fund and ask it to send you the details. This is one way you can make sure you’re receiving what you’re entitled to.
5. At any time
Fund information
You can ask your fund for additional information relating to:
- your fund's investments;
- its compliance with Commonwealth law;
- auditor and actuarial reports; and
- the fund's trust deed.
Something irregular occurs
Your fund should confirm with you any irregular transactions on your account such as one-off personal contributions.
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