Checking your superannuation

You may not be able to access your super during your working days, but it is still your money and it is worth checking your super balance regularly.

Why check your super account?

For many Australians, their superannuation is one of their most valuable financial assets. This means it is important to check your super account from time to time – at least once or twice a year.

Don’t simply assume that your employer will make super contributions on your behalf. There have been instances where employers have failed to make super contributions on behalf of employees and the only way you will know this is by checking your super.

Similarly, if you are making additional super contributions of your own through either salary sacrifice or an out of pocket contribution, you need to be sure the money is actually reaching your superannuation account.

How to check your super

Your superannuation fund will issue a statement for your super at least annually. It is important to review your statement and check that all the appropriate contributions have been added to your super account, as well as any levels of insurance cover you might have and the associated premiums. Finally, when checking your statement, make sure your nominated beneficiaries are still current.

Look for the following things in your super statement. Balance, return, contributions, beneficiaries, insurance cover.

Some superannuation funds also provide online access to your super. This makes it easier to keep up to date with your superannuation and lets you pick up any issues or problems at an early stage.

With BT Super for Life and BT Super you can conveniently manage your super online alongside your everyday banking.

Next: Finding lost super

Billions of dollars are sitting in lost and unclaimed super accounts. Some of that money could be yours. We explain how to be reunited with any lost super.

To learn more about BT’s Super solutions, compare our products today

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Information current as at 01/03/2021.

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.

This information provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.