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Your super will probably be one of the biggest investments of your life. Here are 6 things to check when you receive your 2020 Super Statement.
The personal details section on your statement contains the following:
Make sure we have your tax file number on file. If we do, it will say “supplied”. You don’t have to give us your tax file number, but if we don’t have it, you might be charged extra tax.
Check whether you’re registered for Member Online. It’s the easiest way to keep up-to-date with your superannuation investments, contributions, insurance and account balance.
Finally, check your email address and postal address. You can make any changes quickly and easily in Member Online.
Your super statement will show your opening balance at the beginning of the financial year, compared with your closing balance at the end of the financial year.
So that you can see how your savings are tracking over time, we have also included a graph showing your account balance as at June 30th for the last five years.
The investment report section of your super statement shows how your money is invested and how those investments performed – including your net earnings as a dollar figure.
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.
You can change your investment choice at any time by logging in to Member Online.
QSuper offers affordable, generous automatic insurance with flexibility to personalise the cover according to your personal circumstances.
Your super statement will provide a summary of the insurance attached to your QSuper account as at 30 June, including whether you’re covered if you’re off work due to sickness or injury, and the amount that will be paid out if you die, become totally and permanently disabled or are diagnosed with a terminal medical condition.
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.
Your statement also includes detailed information about the transactions made on your QSuper account during the year, as well as any fees and any insurance premiums.
This includes how much you and your employer have contributed, fees and insurance premiums that have come out of your account, and any money you’ve rolled in from other super funds.
If you’re employed, check to make sure you’ve received regular contributions from your employer. If you’re topping up your super with salary sacrifice or voluntary contributions, make sure they’re on there too.
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
Find out how to consolidate accounts
Try our superannuation calculators
Learn about financial advice
Attend a seminar
QInvest: How financial advice has evolved over a quarter of a century
What is a comfortable retirement
How to report unpaid super
If you make personal super contributions, you may be able to claim a tax deduction