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When it comes to comparing your fund’s performance with other funds, Ibrahim recommends comparing 10-year returns to get a long-term view.
If you’re in a MySuper investment option – the default option that a fund will put you in if you don’t specify otherwise – you can compare this with other MySuper products via the ATO’s YourSuper comparison tool.
How do fees work?
Your statement will show all the fees you have paid over the financial year. These may be a combination of administration fees, investment fees and activity-based fees such as advice fees and investment option switching fees.
“Fees can vary based on your fund and investment choices, with high-growth options sometimes having higher fees than balanced or conservative options,” Ibrahim says.
The YourSuper comparison tool can also help you compare the fees that different MySuper funds charge.
“Choosing a fund with competitive fees can make a huge difference to your super balance over time,” Ibrahim says.
How do I check my insurance?
Your super statement will have a section dedicated to insurance. Ibrahim recommends looking out for:
- The types of cover you have. For example, death, total and permanent disability, and income protection.
- Coverage amounts. Review how much you’re covered for under each insurance type. Make sure the amounts are appropriate for your personal circumstances.
- Premium costs. Look at how much you’re paying in premiums, both annually and per payment period, so you can assess whether the cost aligns with the value of the cover.
- Changes since your last statement. Pay attention to any changes in your cover or premiums since your previous statement.
What if there’s something I don’t understand?
“If something on your statement doesn’t look quite right or is unclear, it’s important to get in touch with your super fund,” Ibrahim says.
“Statements are also a great annual reminder to check in on your super,” Ibrahim says.
“We know super can sometimes rank low on the life admin list, but statements are a valuable prompt to spend just five minutes reviewing because that small moment can make a big difference to your retirement success.”
- Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making financial decisions.
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