You have the freedom to choose the super fund that best suits your needs.
It’s difficult to compare funds as there can be so many differences. The super fund your employer offers may be the best alternative as they often negotiate discounts on your behalf. Check our “Super Review Checklist” below to help you understand if your super is right for you.
Of course, the investment options offered and the performance of these investments must be considered, as fund performance after fees will determine how much super you accumulate over your working life. You will need to choose an investment option that is right for you and review your choice over time, as your situation changes.
Having life insurance within your fund may be beneficial, as insurance is often cheaper within super, however, it is very important to consider the cost of premiums as they can be your greatest expense. Also, some of the less expensive insurance offers may be cheap because they don’t provide good quality cover. It’s important to make sure you understand what you are paying for and what will happen if you do need to make a claim.
Generally, company default funds have negotiated tailored fees and insurance benefits. Ask your employer or email us to request a flyer on your company default fund.
Please contact us If you need a hand to understand your options and to make a choice.
Remember that life insurance in super, left to adult children who are no longer classed as dependants, will be taxed. Talk to us about ways to reduce the tax that may be payable on death benefits.
Superannuation Review Checklist
- Make sure that you are aware of every superannuation fund you have.
- Check that all your contact details on your statement are up to date.
- Check that your Tax File Number has been recorded.
- Confirm that you have a beneficiary listed and ensure that this is still current.
- Have a look at your investment strategy – Do you understand it?
- Check the investment options that the fund offers – is your money invested where you want it to be?
- You might have insurance policies within your superannuation fund – does the policy reflect your current insurance needs?
- Look closely at the fees that are being deducted from your account – do you notice anything out of the ordinary?
Consolidate Your Super
Consolidating can be confusing, there are a lot of things to keep in mind. Here is our quick “Super Consolidation Checklist” on how to consolidate.