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Get on top of your super

ASIC today urged consumers to get on top of their superannuation by taking an interest in their annual member statements from their superannuation funds. ‘Many superannuation funds are issuing their annual member statements at this time of year’, ASIC’s deputy executive director of consumer protection, Delia Rickard said. ‘We encourage all super fund members to read and check their statements so they understand what’s happened to their super over the past 12 months.’ ASIC suggests that super fund members should check the following items in their annual statements to make sure they are correct: • how much was in the super fund at the start of the year • employer payments made during the year, including superannuation guarantee payments and any salary sacrifice contributions • any personal contributions • fees and costs deducted from the fund, including the costs of insurance cover • how much was taken out for government taxes • investment returns credited to the account by the fund • how much is in the super fund at the end of year. ‘Your annual member statement allows you to check that your employer contributions and any personal contributions have been correctly added to your super fund, and to assess how well the fund has performed over the last 12 months.’ ‘If you don’t understand the statement or if something seems wrong, contact your super fund as soon as possible’, Ms Rickard said. For more information: check out ASIC’s consumer website, FIDO. As well as free financial tips and safety checks, FIDO features a powerful super calculator that helps you understand the impact of your decisions on your super savings over the long term.

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