Checklist

Every year, come back and use this Superannuation Health Check to quickly make sure you’re up to date on your superannuation! All it does it simply walk you through the key activities you need to check through to make sure you are confident and happy with the state of your superannuation.

Congratulations, you are on top of your superannuation!

There is a lot of important information in your super statement so make sure that you understand how to read it. Here’s our interactive guide on how to read your super statement.
Remember, you need to look out for:

  • Investment returns – Do you know how much your super has grown recently?
  • Investment option – Do you know which investment option you’re in?
  • Insurance – Do you know what you’re covered for?
  • Beneficiaries – Have you nominated someone to inherit your superannuation?

You can figure out which risk profile suits you by taking a risk profile questionnaire online or by discussing your tolerance to investment risk with your accountant / financial planner. This is important as it will determine whether your current super investment option is appropriate for you.

  • Do an online search for "investor risk profile questionnaire" and complete it to understand your risk profile.

After reviewing your risk profile, ensure you are in an investment option which invests your money in an asset allocation that matches your risk tolerance.

  • Identify the risk profile of your investment option by checking your super statement.
  • Are you in the right investment option? If not, contact your super fund to discuss changing your investment option.

You can see how your investment option is performing compared to other similar options managed by other super funds, by doing some online research. There are many comparison websites including Canstar and SuperRatings. Alternatively, you can discuss your investment option’s performance with your accountant/ financial planner.

  • Write down the performance of your investment option, then compare it with the performance of at least 2 other similar investment options.

After comparing the performance of your investment option and fund to others, you have several options:

1) If you are happy with your super, you don’t need to do anything now, but be sure you review this checklist again next year.

2) If you aren’t happy, you can pick a different investment option managed by your fund. Contact your fund to make a change to your investment option.

3) You can pick a similar investment option managed by a different fund. Contact the new fund to arrange a rollover of your super savings.

  • Are you comfortable with the performance of your investment option and fund? If not contact your super fund to discuss changing your investment option.

Find all your current and lost super accounts by creating a myGov account and linking it to the ATO. You can find all the instructions at: https://my.gov.au/.
If you have more than one super fund you may be paying excessive fees. Pick one fund and rollover all of your others into that fund. You can transfer your super savings between funds using your myGov account. Alternatively, you can complete a rollover request with the super fund you have chosen.

  • Is your super with more than one fund? If yes, roll over your super savings into one fund by talking to your super fund.

Your employer must make contributions into your super account, but it is always a good idea to check that your super is being paid correctly.

If you think your employer is not paying your contributions or you are not receiving the correct amount, you can follow the ATO’s guidance here.

  • Review your Transaction Details and make sure that you are being paid your super

Now that you are familiar with the key concepts of superannuation, you may be looking for specific advice that is tailored to your personal situation. If so, it is a good idea to speak to a CPA or licensed financial adviser.

  • Do you need to talk to an accountant? If so, book an appointment with an accountant/financial planner.