5 Reasons to Review your Superannuation

Wondering why you should review your superannuation fund regularly?  Let us break it down for you.

1. Is your employer regularly making contributions to your fund? Check your account balance and transactions to ensure your contributions are being deposited into your account on time and in full!

2. Check the fees you are being charged by your super fund - be aware of what fees are being deducted from your superannuation balance.  These could be management fees, adviser fees, investment and brokerage fees, insurance premiums, just to name a few.  It’s also good practice if you are in a retail or industry super fund, to compare this with the market and ensure they are competitive.

3. Insurance Premiums – do you hold life insurance or income protection in your super fund?  Does the policy provide adequate cover for your circumstances?  Are the premiums becoming too expensive?  If you have an insurance premium being deducted from your super fund, ensure you know what you are covered for, the exclusions and loadings, the costs of holding the policy and that it still suits your circumstances.  If you don’t hold life insurance or a related type product, then this can be a great place to start, with most retail and industry funds offering insurance.

4. Do you know where and how your superannuation funds are being invested?  Understanding the investment strategy being implemented by your super fund is important – does it match your financial objectives and current circumstances?  Does it align with your beliefs?  Your investments and risk profile can be adjusted any time and should be reviewed regularly.

5. Beneficiary Nominations – do you know who you’ve nominated to receive your superannuation funds upon your death?  Did you also know that unless you have a binding nomination in place, your funds can be paid to someone that you haven’t nominated?  It’s worthwhile checking this, if you haven’t done so in a while and completing a binding death nomination if you haven’t already.

Aside from giving you piece of mind, reviewing your superannuation for the reasons outlined above can pay big dividends in the long run.  If you are unsure about how to do this yourself, or would like further and more specific information relating to your personal circumstances, please don’t hesitate to contact us.