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With a Defined Benefit account, feel good about your super today, knowing you'll receive a defined benefit later. Here are 7 things to check when you receive your 2020 Defined Benefit Super Statement.
The personal details section on your statement contains the following:
Check whether you’re registered for Member Online. It’s the easiest way to keep up-to-date with your investment performance, income payments and account balance.
Finally, check your email address and postal address. You can make any changes quickly and easily in Member Online.
Your annual statement will also show your opening balance at the beginning of the financial year (or the date your account was opened), compared with your closing balance at the end of the financial year.
Depending on your circumstances, this could include a Defined Benefit account balance, a Deferred Retirement Benefit account balance, an Accumulation account balance, or a combination of these. Take note of your total account balance – it is tallied at the bottom of the table.
A beneficiary is a person who you have nominated to receive your super money (and any available insurance payout) if you die.
If we have a beneficiary on file, your statement will say “nominated”. If you’ve made a binding death benefit nomination, details will be shown in your transaction summary. Your super doesn’t form part of your estate so it’s important you make sure this information is up-to-date, especially if your circumstances have changed recently.
You can find out more about binding death benefit nominations, or renew your nomination at any time in Member Online under ‘Profile’ then ‘Beneficiaries’, or you can use this form.
With a Defined Benefit account, your retirement benefit is calculated by multiplying a number that reflects both your years of service and your contribution rate (your multiple) with your final salary.
Your annual statement includes these details, as well as other information used to calculate your benefit, like your standard member contributions and contributions your employer has made on your behalf.
We have also included how your total resignation benefit has changed over the year, so you can see how your super is tracking.
If you have been adding more to your super by making voluntary contributions on top of the standard contributions, check that this is reflected on the Accumulation account section of your statement.
Your super statement will detail the amounts payable to you if you resign, withdraw your money, or retire.
It will also show whether you are covered if you are off work due to sickness or injury, and the amount payable if you’re retrenched, die or become permanently disabled.
As a Defined Benefit account member, your entitlement is not impacted by market movements and you will get a defined benefit when you retire.
However, if you are interested in how the Defined benefit pool performed, we have included the compound average effective rate of net earnings over the last one, five and ten years.
If you also have an Accumulation account, your super statement will also show how your Accumulation account balance is invested and how those investment options performed.
With regards to your Accumulation account, QSuper’s investment approach is designed to deliver strong returns and fewer ups and downs. The Fund investment philosophy and strategy is outlined here: this is how it may make a difference in retirement.
We have also included a retirement estimate which details the amount you could receive if you are eligible to retire at each of the ages listed.
Planning your best future means being invested in outcomes today. Take the time to learn more about actions that you could take.
Learn more about QSuper
Learn more about Defined Benefit accounts
Attend our Defined Benefit Explained seminar
QInvest: How financial advice has evolved over a quarter of a century
Defined benefit catch ups
QSuper explains how a TTR strategy works
If you make personal super contributions, you may be able to claim a tax deduction