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

2. 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/ 

3. 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.

You can nominate a reversionary beneficiary when you set up your pension, and your death benefit will be paid to your spouse or child as a pension payment. They’ll get regular payments just like you did, until there’s no money left in the account. You can only make a reversionary nomination at the time you set up your pension account, and you can’t change it afterwards. You should also be aware that this type of nomination may have Centrelink or superannuation balance cap implications for the person getting the pension.

4. 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]