How to Read Your Superannuation Statement

Opening Balance and Contributions

Your statement starts with your opening balance at the beginning of the financial year. It then shows all contributions made during the year — employer super guarantee contributions, any salary sacrifice amounts, and any personal contributions you made. Check that these amounts match your payslips and bank records.

Investment Returns

The statement shows how your investment option performed. It will display the investment earnings (positive or negative) and the total return percentage. Compare this to the fund's benchmark. If you are in a MySuper default option, the return should be clearly stated alongside the fund's investment objective.

Fees and Costs

Your statement must disclose all fees deducted from your account, including administration fees, investment fees, and any insurance premiums. Check that these match the fee schedule in your product disclosure statement. High fees can significantly reduce your retirement balance over time.

Insurance Cover

Most super funds include default insurance — life insurance and total and permanent disability (TPD) cover. Your statement shows the level of cover and the premiums deducted. Review whether the cover is still appropriate for your situation. You can adjust or cancel insurance through your super fund.

Beneficiary Nominations

Your statement may show your nominated beneficiaries — who receives your super if you pass away. Check that this is up to date, especially after major life events like marriage, divorce, or having children. Binding death benefit nominations typically need to be renewed every three years.

Understanding Your Super Statement Layout

Your annual superannuation statement is a crucial document that summarises your super account over the past financial year. Most super funds follow a standard format: opening balance at the start of the year, contributions received (employer SG and any personal contributions), investment earnings (positive or negative), fees and charges deducted, insurance premiums, and the closing balance at year end.

The statement also shows your insurance cover details (life, TPD, and income protection), your nominated beneficiaries, and your investment option. Some statements include a "Your Future, Your Super" performance test result (a government-mandated assessment showing whether your fund has passed the annual performance benchmark). Funds that fail two consecutive tests cannot accept new members.

Key Things to Check on Your Statement

First, verify that your employer's Super Guarantee contributions are being paid correctly. The SG rate is 12% of your ordinary earnings (up to the maximum contribution base of approximately $65,000 per quarter for 2025-26). If the contributions seem low, your employer may not be paying correctly, and you should raise this with them or the ATO.

Second, check your fees. Super funds charge administration fees, investment fees, and indirect costs. The total fee you pay is shown in dollar terms as well as a percentage. Compare the fees against industry benchmarks: for a $50,000 balance, total fees should typically be below 1% per year for a balanced option. If your fees are higher, consider whether the additional services justify the cost.

Reviewing Insurance and Investment Performance

Most super funds provide default insurance cover when you join, but this may not be appropriate for your situation. Check the insurance premiums on your statement and compare them to standalone retail policies. If you have multiple super accounts, you may be paying for duplicate insurance. Consider consolidating accounts to reduce fees and avoid paying for cover you cannot claim due to exclusion clauses.

For investment performance, look at the return over 1, 3, 5, and 7 years (not just the past year). Compare the return to the fund's stated investment objective or benchmark. If your MySuper or balanced option has underperformed the benchmark consistently, consider whether switching to a different investment option or fund is appropriate. However, past performance is not a guarantee of future returns, and switching too frequently can incur costs.

Frequently Asked Questions

How do I know if my employer is paying the right amount of super?
Check the employer contributions section of your statement and confirm the total equals 12% of your gross wages (or salary) for the period, up to the maximum contribution base. If you work multiple jobs, each employer must pay SG separately. You can use the ATO's online tools to check your super contributions across all employers.

What should I do if I find a mistake on my super statement?
Contact your super fund immediately and ask them to investigate. If the issue relates to employer contributions not being paid, contact the ATO's Superannuation Guarantee hotline. The ATO has enforcement powers including penalties and director penalty notices for employers who fail to pay SG on time.

How often should I receive a super statement?
Most super funds send annual statements after the end of each financial year (by late October or November). Many funds also provide online access to your account 24/7, allowing you to check your balance and transactions at any time. Some funds offer quarterly or half-yearly statements.

What is a lost super account and how do I find it?
A lost super account is a super account that the fund has lost contact with you about. You may have lost super if you changed jobs, moved house without updating your details, or have multiple accounts. You can search for lost super through myGov linked to the ATO, which will show all your super accounts including lost ones. Consolidating lost accounts can save on fees.