How often should I check my super account? (Accumulation)

It’s recommended to review your super at least once a year, and receiving your annual statement serves as a timely reminder for you to do so!

So where do we start? Super may feel overwhelming, but it doesn’t need to be.

What to check

1. Account balance and investment performance

Review your current balance and compare performance against your fund’s benchmarks and similar funds. Don’t just check the one year returns, but check long-term trends such as three, five, and ten-year performance to get a long-term view  of your fund’s growth.

Review your current investment strategy and assess if your risk profile still aligns with your chosen options. Consider if you need to rebalance your portfolio based on your age, retirement goals, and risk tolerance.

Did you know

Your annual statement is now available. All you have to do is click on the “Log in” button on the top right corner and chose “Member log in”. After entering your member number and password you will be prompted to complete the multi-factor authentication. If you don’t know your member number or can’t reset your password, give us a call and we’ll help you out!

Or download our app from the App store or Google Play now.

2. Contributions

You have a few different options for contributing extra to your super. Which one you’ll choose really depends on your income and situation. You might even find that you’re better off with a combination of contributions over time, and you can change how you contribute as your situation changes. These are some of the types of contributions:

  • Before tax contributions (concessional): You may have heard of salary sacrifice, which is when your employer pays some of your salary, before tax is taken out, straight into your super. But you can also make a lump sum contribution at any point of the financial year and claim a tax deduction to make it into a pre-tax contribution.
  • After tax contributions (non-concessional): You can pay an amount into your super from your after-tax income or savings. You can do this at any time as a regular transfer or a one-off payment from your bank account.
  • Government contributions: In some circumstances, the government can make additional contributions to your super. You don’t need to apply for these government super contributions. If you’re eligible, and Vision Super has your tax file number (TFN), the ATO will pay it to your account automatically. You may be eligible for a government co-contribution or low-income super tax offset (LISTO). More information can be found here: https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/government-contributions

You can also make a spouse contribution or split your contributions with a spouse (legally married, “de facto”, or a relationship that is registered under certain state or territory laws).

3. Fees

Examine both administration and investment fees and costs. These can significantly impact your long-term balance, so ensure you’re getting good value, which you can do by visiting this page: https://www.visionsuper.com.au/about/compare-us/ 

4. Insurance coverage

Review the types of insurance included in your super, such as death, total and permanent disability (TPD), and income protection. Assess if coverage levels are appropriate for your current situation and check insurance fees to understand their impact on your balance.

You can also choose the style of cover that best suits your needs – age-based cover or fixed cover and more information can be found in our Insurance guides.

5. Beneficiaries

Ensure your nominated beneficiaries are up to date.

If you would like to choose what happens to your Vision Super accumulation or pension account when you die, you can elect one of the following options:

  • Make a ‘preferred beneficiary’ nomination, also known as a non-binding nomination
  • Make a ‘binding’ nomination
  • Make a reversionary nomination (pension account only)

A preferred beneficiary nomination is an informal way of letting us know who you’d like your death benefit to be paid to. We’ll take your wishes into account, but the Trustee’s assessment and the final outcome may be different from what you requested in your preferred nomination.

It is simpler to make a preferred beneficiary nomination than a binding nomination, as they can be made through your online account as well as by completing and returning a nomination form – and they don’t require two people to witness the declaration. But they’re also not as powerful as a binding nomination, which makes sure your wishes are followed – you should think carefully about which option is right for you.

A binding nomination is a formal instruction about how you want us to pay your death benefit. You can only make a binding nomination to your spouse, child, interdependent or your estate – or any combination of these.

Like all formal documents, a binding nomination must be properly completed for it to be valid and all the requirements are specified on the form. Binding nominations expire three years from the date they are signed. You can renew them, or make a new one at any time by completing a new nomination form. We will let you know when your binding nomination is due to expire. If you don’t renew it, it converts automatically to a preferred nomination.

A reversionary nomination is a non-lapsing, legally binding nomination on your pension account that cannot be changed (unless certain criteria are met such as divorce or death).

6. Multiple accounts

While you’re online checking your super, you can also identify if you have multiple super accounts. Consider consolidating accounts to reduce fees, but be sure to check insurance implications first, as consolidation may affect your coverage. You can do this via your member online portal, or on the MyGov website.

7. Retirement resources

Use the calculator here or Money Smart’s calculator here  to project your balance at retirement, and how much you would need to live the lifestyle you’d like.

And remember as a member of Vision Super you have access to a range of limited advice at no cost, such as investment choice, contributions and a retirement health check. Additionally at a one-off cost of $295 we are able to assist with advice on starting a pension account or making a downsizer contribution. For more complex financial needs and to involve your partner (if you have one) we have a dedicated Comprehensive Advice team that can help on almost all aspects of your finances and not only on your Vision Super account (Fees apply for comprehensive advice). To see more on how our advice team can help please have a look at our Tailored Advice brochure.

By regularly reviewing these aspects of your superannuation, you can check that your retirement savings are on track and make informed decisions about your financial future. Remember, while annual checks are generally sufficient, staying informed about your super throughout the year can help you respond quickly to any changes or opportunities.

We can help

Retirement, and planning for retirement, are important stages in anyone’s life. Make sure you take the time to consider your options and seek professional advice where necessary, as this article only covers a few things to consider. Whether it’s a Vision Super financial planner, professional advisers can help you understand all aspects of your financial life, including where you are now, where you want to be, and a plan of how to get there. Financial advice fees may apply.

Contact us on 1300 300 820 Monday to Friday 8:30am to 5pm if you would like to set up an appointment with a financial planner, or email [email protected]