Don’t ignore your annual super statement: the reminder that could earn you thousands
06 Oct 2025
With annual superannuation statements arriving, we’re urging Australians to open their statement and give their nest egg a financial health check. Australians now hold over $4.3 trillion in superannuation across APRA-regulated and self-managed super funds, according to the latest APRA data.
But despite the size and importance of these collective savings, a new Canstar survey of more than 3,000 adults has found one in five Australians check their super only once every few years, or never at all.
When is your super statement arriving?
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| Annual superannuation statement dates for top 10 funds | |
|---|---|
| Fund | Statement arrival |
| AustralianSuper | Late Sept to Nov |
| Australian Retirement Trust | Sept to Dec |
| Aware Super | From Sept 11 |
| Unisuper | Sept |
| HOSTPLUS | Sept |
| Colonial First State | Late July to Sept |
| CBUS | Sept to Oct |
| REST | Sept to Oct |
| HESTA | Nov to Dec |
| MLC | Available online and mailed by 30 Sept |
Prepared by: Canstar. Top 10 publicly available funds based on total members’ benefits in APRA Quarterly Superannuation Product Statistics for September 2025, released in June 2025. Some statements may arrive before or after the stated period.
Your superannuation statement checklist:
- Check details: Make sure your personal details are correct and your tax file number is recorded.
- Review contributions. Check your employer has paid you the right amount of super over the year.
- Assess your returns and fees. Understand how your fund performed over the last year, but also the longer-term returns. Compare this to the top-performing funds. Also, check the fees you’re paying are reasonable.
- Size up your balance. Check your balance is on track for a comfortable retirement.
- Assess your investment mix. Make sure it will deliver on your long-term goals but isn’t taking on an excessive amount of risk for your age.
- Review insurance in super. This may include life, total and permanent disability, and income protection insurance to make sure it suits your needs.
- Confirm beneficiaries. Review who is the binding or non-binding beneficiary.
- Consolidate multiple accounts. Consolidating your accounts into one could save on fees and make it easier to track your retirement savings.
What does a decent return look like?
The performance of your fund plays a critical role in determining how much your nest egg will be when you hit retirement. Use your statement to understand your return, then check it against the top-performing funds. Research shows choosing a higher-performing fund could add tens of thousands, if not hundreds of thousands, of dollars to Australians’ nest eggs.
For example, a 30-year-old with an average super balance of $50,416, who invests in a top-performing MySuper fund (with average seven year returns of 7.7%), could retire at age 67 with an extra $122,587 compared to staying in a fund with average market returns of 7.0%.
These figures are illustrative only. Past performance is not a reliable indicator of future fund performance.
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| Potential difference between an average and top-performing funds over time | ||||
|---|---|---|---|---|
| Starting age | Starting super balance | Average performing fund | Top 5 funds (av) | Difference at age 67 |
| 30 | $50,416 | $695,911 | $820,766 | +$124,855 |
| 40 | $112,476 | $658,022 | $749,127 | +$91,105 |
| 50 | $181,339 | $528,338 | $577,878 | +$49,540 |
Source: Canstar. Prepared on 28/08/2025. Net returns based on av. annual 7-yr return of balanced MySuper investment options (growth asset allocation of 60-80%) on Canstar database as at 30 Jun 25. Top 5 funds are determined on 7-yr annual returns (av. of 7.7%). Av. annual returns of all eligible funds is 7.0%. Scenario starts July 25 using super balances from APRA (Jun 25); incomes from ABS Characteristics of Employment (Aug 24) based on the median full-time wage. Assumes SG remains at 12% and paid quarterly, taxed at 15% and excludes extra contributions. Includes life and TPD insurance cover for each starting age, charged at end of each year based on default cover on Canstar database. Income and insurance assumes growth inline with inflation and rising living standards. End balances are shown in today’s dollars (i.e. adjusted for inflation). Income and superannuation performance returns are for illustrative purposes only. Actual returns will be different per person. Past performance is not a reliable indicator of future performance. People should seek financial advice.
Is your super on track?
Start by checking your super balance on your annual statement, then consider how much you want when you retire. According to the Association of Super Funds of Australia (ASFA), Australians need $595,000 for a single person, or a combined balance of $690,000 for a couple, to enjoy a comfortable retirement from age 67. This assumes retirees own their own home outright and receive a part Aged Pension.
Yet many Australians are falling behind. For example, a 40-year-old man has an average super balance of $103,000, and to be on track to hit a balance of $595,000 in retirement he is already $65,000 short. A woman of the same age faces an $81,000 shortfall today—a gap that only widens as retirement age looms.
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| Superannuation balance needed for a comfortable retirement | ||||
|---|---|---|---|---|
| Gender | Age | Average balance | Balance required today for comfortable retirement | Gap |
| Male | 30 | $42,000 | $66,500 | -$24,500 |
| 40 | $103,000 | $168,000 | -$65,000 | |
| 50 | $160,000 | $296,000 | -$136,000 | |
| 60 | $174,000 | $469,000 | -$295,000 | |
| Female | 30 | $41,000 | $66,500 | -$25,500 |
| 40 | $87,000 | $168,000 | -$81,000 | |
| 50 | $127,000 | $296,000 | -$169,000 | |
| 60 | $139,000 | $469,000 | -$330,000 | |
Source: Canstar. Av. balances based on APRA’s Quarterly Superannuation Industry Publication (Sep 25). Comfortable retirement based on an end balance of $595,000 (in today’s dollars) by age 67, according to ASFA. Balance required today based on ASFA’s Super Balance Detective calculator. ASFA assumes a future pre-tax wage of just under $65,000, investment returns (nominal) before fees and taxes are 6.7%, investment fees are 0.7% of assets, the tax rate is 4.5%, administration and insurance fees are each $100 per annum. Assumes retiree draws down all capital and receives a part Age Pension. Table is for illustrative purposes only. Actual returns will be different per person. Past performance is not a reliable indicator of future performance. People should seek financial advice.
Canstar’s data insights director, Sally Tindall says, “Your annual super statement isn’t a piece of mail you want to be filing away unopened. Instead, use it as your yearly reminder to check in on your retirement fund. Superannuation is one of the most significant assets you will ever own, yet many Australians let it run unchecked without a second thought.
“For starters, check you’ve been paid the right amount from your employer, review the performance of your fund, make sure the fees are reasonable and consider rolling any multiple accounts into one. When comparing the performance of your fund, by all means, look at the last year’s returns, but also look further back. You want to compare your fund with the top performers over the last five years, if not more.
“If your fund is lagging behind the pack, consider switching to one that’s more likely to deliver you stronger returns. While past performance is never a guarantee of how a fund will perform in the year ahead, it can help guide your decision-making. Finally, take a look at finer details. Check your insurances to make sure you’re covered for what you need, but also look at your investment mix to make sure it’s aligned with your retirement goals without taking on an excessive amount of risk for your age.
“If you’re not sure, seek out personal financial advice. These are big decisions you shouldn’t just glance over, but instead give careful consideration to.”
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
