If you know where to look, there is more information in an annual super fund statement than first meets the eye.
Super funds will soon start sending statements for the last financial year, and there are good reasons why fund members should take the time to read them, rather than assuming everything is in order.
SuperRatings’ Kirby Rappell says if you need assistance in understanding the annual statement from your super fund, call your fund.If the assistance you need is more detailed, most funds can put you into contact with a financial adviser, though it is important to check on the cost of the advice before agreeing to go ahead, Rappell says.
The first thing to check is performance. Some funds will show the returns of your option alongside the typical returns of options that invest similarly, over differing time frames, in their annual statements.lists those MySuper investment options that have been assessed as underperforming. Those funds with options that fail are required to advise those affected of the fact.
If your diversified investment option return is below those returns you may want to ask your fund why, Lowen says. “If are paying more than that, you would want to know what extra services you are receiving for the higher fee,” he says.
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