Receiving your annual statement from your super fund can be a good time to check in on how your nest egg is going, and whether anything needs changing. That being said, superannuation statements can be full of information and tricky to decipher. We have prepared this video to help you understand some of the key components to your superannuation statement, what certain terms mean and what to look out for.
The video above runs you through the details of reading your annual superannuation statement, including:
- What particular phrases mean
- How to decode the transactions list
- How to make sure you’re being paid enough super by your employer
- How to check what returns you’re making on your super, and whether or not you’re happy with these returns
- What fees you’re being charged, how much they’re costing you, and whether you need to be paying them
Being able to read your super statement can enable you to maintain a comprehensive understanding of your superannuation. If you find you are not happy with your fund, or want to understand how it is performing relative to others, you can compare super funds with Canstar.