HOW TO READ YOUR SUPER STATEMENT
Every year your super fund is required to send out a statement outlining what’s happened to your money in the last 12 months.
But super statements can be complex and confusing, and if you don’t know what to look for it can be tough to understand what’s actually going on.
Here’s a quick guide on how to decode your super statement and work out how well your fund is performing.
Account Balance
Your account balance will be shown both at the date of the statement and at the same time last year, so you can see how it’s changed over the last 12 months.
You’ll also see a confusing unit value, but don’t worry.
Super funds pool your money together with that of other investors before investing, and divide the pool up into units.
You’re allocated units based on how much money you have in your account, and the value of these units, or your account balance, fluctuates based on how well the underlying investments perform.
You’ll also see how your super balance is classified, either preserved or non-preserved.
This determines whether you’re able to access your super. Your super will be preserved unless you meet a condition of release, for example reaching retirement age.
Fees
High fees can have a huge impact on how well your fund performs over the long-term, so always check what you’re being charged.
All funds will charge some combination of an administration fee and an investment management fee (sometimes called an ICR or MER).
You may also be paying a fee to an adviser, fees for insurance cover, or legacy fees like a contribution fee.
It makes sense to compare what you’re paying against other funds in the market, because when it comes to fees, the lower the better.
RateCity and News Corp may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links. Ad | 5 year annualised performance Annualised figures are the average per year returns based on the cumulative returns to 30/06/2014. Past performance is not a reliable indicator of future performance. 10.20% | Calculated Fees on 50k Calculated fees are an estimate of the fees on $50,000 invested in the balanced option – where balance option is not available the most comparable option is used. This takes into account administration, investment, performance, any member fees levied, account size rebates and fee tiering that may apply. $363 | Rating These ratings are awarded by SuperRatings (AFSL 311880). For more information read the ratings methodology here. Platinum |
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Fees & Charges
Not all Fees & Charges may be shown. A buy/sell spread may apply when buying, selling or switching units. Refer to the Fund's PDS which is available from the Fund's website for more detailed information.
Asset Admin Fee
0%
Investment Fee
The costs to manage your investments are paid from investment earnings before they are added to your account. These include fees such as investment management, master custodian services or asset consulting fees. Management fees paid to investment managers may also include performance fees when their investment returns exceed agreed benchmarks. These benchmarks vary for each manager and there is no guarantee that a manager will earn a performance fee in any given year. 0.57%
Switching Fee
$0
Withdrawal Fee
$35
Account Size Discount
No
Employer Size Discount
No
Fund Features
Financial Planning Service
Yes
Health Insurance
Yes
Home Loans
Yes
Credit Cards
Yes
Binding Nominations
Yes
Non-lapsing Binding Nominations
No
Insurance Life Event Increases
Yes
Anti-detriment Payments
Yes
Long Term Income Protection
No
More Info
| ||||
RateCity and News Corp may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links. Ad | 5 year annualised performance Annualised figures are the average per year returns based on the cumulative returns to 30/06/2014. Past performance is not a reliable indicator of future performance. 10.20% | Calculated Fees on 50k Calculated fees are an estimate of the fees on $50,000 invested in the balanced option – where balance option is not available the most comparable option is used. This takes into account administration, investment, performance, any member fees levied, account size rebates and fee tiering that may apply. $363 | Rating These ratings are awarded by SuperRatings (AFSL 311880). For more information read the ratings methodology here. Platinum |
Go to site
More info |
Fees & Charges
Not all Fees & Charges may be shown. A buy/sell spread may apply when buying, selling or switching units. Refer to the Fund's PDS which is available from the Fund's website for more detailed information.
Asset Admin Fee
0%
Investment Fee
The costs to manage your investments are paid from investment earnings before they are added to your account. These include fees such as investment management, master custodian services or asset consulting fees. Management fees paid to investment managers may also include performance fees when their investment returns exceed agreed benchmarks. These benchmarks vary for each manager and there is no guarantee that a manager will earn a performance fee in any given year. 0.57%
Switching Fee
$0
Withdrawal Fee
$35
Account Size Discount
No
Employer Size Discount
No
Fund Features
Financial Planning Service
Yes
Health Insurance
Yes
Home Loans
Yes
Credit Cards
Yes
Binding Nominations
Yes
Non-lapsing Binding Nominations
No
Insurance Life Event Increases
Yes
Anti-detriment Payments
Yes
Long Term Income Protection
No
More Info
| ||||
RateCity and News Corp may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links. Ad | 5 year annualised performance Annualised figures are the average per year returns based on the cumulative returns to 30/06/2014. Past performance is not a reliable indicator of future performance. 10.20% | Calculated Fees on 50k Calculated fees are an estimate of the fees on $50,000 invested in the balanced option – where balance option is not available the most comparable option is used. This takes into account administration, investment, performance, any member fees levied, account size rebates and fee tiering that may apply. $363 | Rating These ratings are awarded by SuperRatings (AFSL 311880). For more information read the ratings methodology here. Platinum |
Go to site
More info |
Fees & Charges
Not all Fees & Charges may be shown. A buy/sell spread may apply when buying, selling or switching units. Refer to the Fund's PDS which is available from the Fund's website for more detailed information.
Asset Admin Fee
0%
Investment Fee
The costs to manage your investments are paid from investment earnings before they are added to your account. These include fees such as investment management, master custodian services or asset consulting fees. Management fees paid to investment managers may also include performance fees when their investment returns exceed agreed benchmarks. These benchmarks vary for each manager and there is no guarantee that a manager will earn a performance fee in any given year. 0.57%
Switching Fee
$0
Withdrawal Fee
$35
Account Size Discount
No
Employer Size Discount
No
Fund Features
Financial Planning Service
Yes
Health Insurance
Yes
Home Loans
Yes
Credit Cards
Yes
Binding Nominations
Yes
Non-lapsing Binding Nominations
No
Insurance Life Event Increases
Yes
Anti-detriment Payments
Yes
Long Term Income Protection
No
More Info
| ||||
RateCity and News Corp may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links. Ad | 5 year annualised performance Annualised figures are the average per year returns based on the cumulative returns to 30/06/2014. Past performance is not a reliable indicator of future performance. New Fund | Calculated Fees on 50k Calculated fees are an estimate of the fees on $50,000 invested in the balanced option – where balance option is not available the most comparable option is used. This takes into account administration, investment, performance, any member fees levied, account size rebates and fee tiering that may apply. $375 | Rating These ratings are awarded by SuperRatings (AFSL 311880). For more information read the ratings methodology here. Platinum |
Go to site
More info |
Fees & Charges
Not all Fees & Charges may be shown. A buy/sell spread may apply when buying, selling or switching units. Refer to the Fund's PDS which is available from the Fund's website for more detailed information.
Asset Admin Fee
0.5%
Investment Fee
The costs to manage your investments are paid from investment earnings before they are added to your account. These include fees such as investment management, master custodian services or asset consulting fees. Management fees paid to investment managers may also include performance fees when their investment returns exceed agreed benchmarks. These benchmarks vary for each manager and there is no guarantee that a manager will earn a performance fee in any given year. 0.25%
Switching Fee
$0
Withdrawal Fee
$0
Account Size Discount
Yes
Employer Size Discount
No
Fund Features
Financial Planning Service
Yes
Health Insurance
No
Home Loans
Yes
Credit Cards
No
Binding Nominations
Yes
Non-lapsing Binding Nominations
Yes
Insurance Life Event Increases
Yes
Anti-detriment Payments
Yes
Long Term Income Protection
Yes
More Info
| ||||
RateCity and News Corp may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links. Ad | 5 year annualised performance Annualised figures are the average per year returns based on the cumulative returns to 30/06/2014. Past performance is not a reliable indicator of future performance. 9.19% | Calculated Fees on 50k Calculated fees are an estimate of the fees on $50,000 invested in the balanced option – where balance option is not available the most comparable option is used. This takes into account administration, investment, performance, any member fees levied, account size rebates and fee tiering that may apply. $431 | Rating These ratings are awarded by SuperRatings (AFSL 311880). For more information read the ratings methodology here. Gold |
Go to site
More info |
Fees & Charges
Not all Fees & Charges may be shown. A buy/sell spread may apply when buying, selling or switching units. Refer to the Fund's PDS which is available from the Fund's website for more detailed information.
Asset Admin Fee
0.54%
Investment Fee
The costs to manage your investments are paid from investment earnings before they are added to your account. These include fees such as investment management, master custodian services or asset consulting fees. Management fees paid to investment managers may also include performance fees when their investment returns exceed agreed benchmarks. These benchmarks vary for each manager and there is no guarantee that a manager will earn a performance fee in any given year. 0.15%
Switching Fee
$0
Withdrawal Fee
$0
Account Size Discount
No
Employer Size Discount
No
Fund Features
Financial Planning Service
Yes
Health Insurance
Yes
Home Loans
Yes
Credit Cards
No
Binding Nominations
Yes
Non-lapsing Binding Nominations
Yes
Insurance Life Event Increases
Yes
Anti-detriment Payments
Yes
Long Term Income Protection
Yes
More Info
| ||||
RateCity and News Corp may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links. Ad | 5 year annualised performance Annualised figures are the average per year returns based on the cumulative returns to 30/06/2014. Past performance is not a reliable indicator of future performance. 9.19% | Calculated Fees on 50k Calculated fees are an estimate of the fees on $50,000 invested in the balanced option – where balance option is not available the most comparable option is used. This takes into account administration, investment, performance, any member fees levied, account size rebates and fee tiering that may apply. $460 | Rating These ratings are awarded by SuperRatings (AFSL 311880). For more information read the ratings methodology here. Gold |
Go to site
More info |
Fees & Charges
Not all Fees & Charges may be shown. A buy/sell spread may apply when buying, selling or switching units. Refer to the Fund's PDS which is available from the Fund's website for more detailed information.
Asset Admin Fee
0.54%
Investment Fee
The costs to manage your investments are paid from investment earnings before they are added to your account. These include fees such as investment management, master custodian services or asset consulting fees. Management fees paid to investment managers may also include performance fees when their investment returns exceed agreed benchmarks. These benchmarks vary for each manager and there is no guarantee that a manager will earn a performance fee in any given year. 0.15%
Switching Fee
$0
Withdrawal Fee
$0
Account Size Discount
No
Employer Size Discount
No
Fund Features
Financial Planning Service
Yes
Health Insurance
Yes
Home Loans
Yes
Credit Cards
No
Binding Nominations
Yes
Non-lapsing Binding Nominations
Yes
Insurance Life Event Increases
Yes
Anti-detriment Payments
Yes
Long Term Income Protection
Yes
More Info
| ||||
RateCity and News Corp may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links. Ad | 5 year annualised performance Annualised figures are the average per year returns based on the cumulative returns to 30/06/2014. Past performance is not a reliable indicator of future performance. 9.19% | Calculated Fees on 50k Calculated fees are an estimate of the fees on $50,000 invested in the balanced option – where balance option is not available the most comparable option is used. This takes into account administration, investment, performance, any member fees levied, account size rebates and fee tiering that may apply. $490 | Rating These ratings are awarded by SuperRatings (AFSL 311880). For more information read the ratings methodology here. Gold |
Go to site
More info |
Fees & Charges
Not all Fees & Charges may be shown. A buy/sell spread may apply when buying, selling or switching units. Refer to the Fund's PDS which is available from the Fund's website for more detailed information.
Asset Admin Fee
0.54%
Investment Fee
The costs to manage your investments are paid from investment earnings before they are added to your account. These include fees such as investment management, master custodian services or asset consulting fees. Management fees paid to investment managers may also include performance fees when their investment returns exceed agreed benchmarks. These benchmarks vary for each manager and there is no guarantee that a manager will earn a performance fee in any given year. 0.15%
Switching Fee
$0
Withdrawal Fee
$0
Account Size Discount
Yes
Employer Size Discount
Yes
Fund Features
Financial Planning Service
Yes
Health Insurance
Yes
Home Loans
Yes
Credit Cards
No
Binding Nominations
Yes
Non-lapsing Binding Nominations
Yes
Insurance Life Event Increases
Yes
Anti-detriment Payments
Yes
Long Term Income Protection
Yes
More Info
|
Investments
Most super funds offer a number of different investment options that range from low to high risk.
They also vary significantly in cost, and generally you’ll find the fees for more complex, riskier investments will be higher to justify the higher expected returns.
Compare funds by rating, performance and fees here
It’s important to review where your money is invested, and whether it’s suitable to your personal situation and risk profile.
Insurance
Many super funds provide some level of insurance for their members automatically, known as default cover.
This could be any combination of life, disability and income protection insurance.
It’s important to review this cover on your statement to make sure it’s appropriate for your situation.
Personal details
Review your personal details to make sure your fund has your correct tax file number listed, as well as up to date contact details.
At the same time, take a look at your beneficiary nomination.
If you haven’t made a nomination, your super fund will decide how your account is distributed in the event of your death.