Tip of the Week - Explore your UniSuper statement
Published: Thursday 16th February 2017
What's on my UniSuper statement?
Regardless of who you are or where you live in Australia, there's one thing you have in common with all your colleagues. Everyone will be receiving a bi-annual superannuation statement, by email or mailed to your postal address.
Reading and understanding the statement is crucial in taking control of your financial fitness. Here is a quick rundown of what you're likely to find, and why it's important:
- Investment options and performance - this is the part of the statement that your attention will gravitate to first. The balance will let you know how your fund has performed over the last six months.
- Insurance cover - have a good hard look at your cover and make sure that it's sufficient for your needs and circumstances, and are your beneficiary details up to date?
- Defined benefit calculation (if relevant to your account) – it will show a breakdown of how your defined benefit component is calculated, to give you a better understanding of what your formula means.
- Fees - your statement will list any of the fees that UniSuper deducts from your super savings to make up for the cost of running the fund.
If you have any questions about your statement, or wanted to get a better understanding of superannuation, why not call the UniSuper contact centre on 1800 331 685 or click here to visit the learning centre.