What to watch on your su­per state­ment: Nick’s guide

Albany Advertiser - - NEWS -

1 Check that the name, ad­dress and date of birth are cor­rect

A mis­spelt name or an in­cor­rect date of birth can some­times take weeks to fix and you don’t want this hap­pen­ing when you’re about to head off on your re­tire­ment hol­i­day.

2 Makes sure it shows that your Tax File Num­ber is recorded

The pres­ence of a TFN will speed things up and avoid un­ex­pected tax with­drawals along the way.

3 Look at the in­vest­ment op­tion

Is it in line with what you have se­lected or you are com­fort­able with? Look for the mem­ber in­for­ma­tion book­let or on­line to see the ac­tual as­set al­lo­ca­tion and make sure they are in line with the risk you are pre­pared to take for the returns you hope to achieve. The as­set al­lo­ca­tion will some­times ap­pear in the re­port it­self and you can see your ex­po­sure to the var­i­ous as­set classes.

4 Make sure that all of the ex­pected con­tri­bu­tions are there

The sum­mary will show the to­tal of com­pul­sory and em­ployer con­tri­bu­tions (vol­un­tary should be separated from su­per guar­an­tee) as well as per­sonal con­ces­sional and non-con­ces­sional.

5 Watch fees, con­tri­bu­tions tax and in­sur­ance pre­mi­ums

Th­ese with­drawals aren’t the to­tal fees you pay be­cause some of th­ese may be buried within the in­vest­ment charges and come off be­fore the in­vest­ment value is cal­cu­lated.

6 Mon­i­tor in­vest­ment value

You will see a change which will, hope­fully, not have a mi­nus sign in front of it. This is the dol­lar re­turn for the pe­riod con­cerned. Else­where, you should see this same fig­ure pre­sented as a per­cent­age and this al­lows you to com­pare the per­for­mance with other funds.

7 Know your preser­va­tion

You should see a break­down of what’s pre­served, re­stricted non-pre­served and un­re­stricted non-pre­served. This tells you what money can be ac­cessed right now and, es­sen­tially, you’ll need to sat­isfy a con­di­tion of re­lease to get your hands on the money that’s not un­re­stricted non-pre­served.

8 Look for the ETP ta­ble

This stands for el­i­gi­ble ter­mi­na­tion pay­ment. The tax­able com­po­nent is sub­ject to a 15 per cent tax when you die and if paid to a non-fi­nan­cial de­pen­dent. The tax-free part is tax-free on death (not that you will be around to cheer).

9 Look for the sec­tion deal­ing with death ben­e­fit nom­i­nees

This is most im­por­tant if you have loved ones and this should list your de­pen­dants along with the pro­por­tion payable. Or, it may show “your le­gal per­sonal rep­re­sen­ta­tive” which means it will be paid to your es­tate and dealt with by your will. If no ben­e­fi­ciary de­tails are show­ing then it means the su­per fund can pay the money at their dis­cre­tion to your de­pen­dants. This may not be what you in­tended.

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