A lot of us do not pay much attention to our superannuation funds. If and when we look at our payslips, we notice some amount being paid to superannuation fund.
In 1992 the then Labor government implemented the superannuation guarantee contributions.
Superannuation assets totalled $3.1 trillion at the end of the March 2021 quarter. More and more Australians are having their retirement savings tied up in super funds. Hence, it may be worth your while to have a look at your superannuation funds and go through the year end statements carefully.
Pay particular attention to a few things -
Investments – how is your superannuation invested? Most super funds will have a suit of investment options that you can chose from. Make an effort to understand what your current investment option is and what options are available through your super fund.
Another feature to look at is your insurances. You might have Death, Total and Permanent disability cover and Income protection insurances through your superannuation fund even if you did not apply for it. It is worth your while to establish the adequacy of these insurances.
Pay attention to the contributions. Check that you have received all the contributions that you should be receiving. Mandated contributions for the last financial year was 9.5% of your gross salary. This year (2021-2022) onwards that has increased to 10%.
Have a look at the fees that your superannuation fund charges. It may pay off to shop around for a right superannuation fund.
Call your superannuation fund and ask them these questions. They may have a financial advise team that you can be referred too. If not, you can also talk to an independent financial planner.
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