A lot of people don’t give much thought to their super, especially while they’re young. But regularly checking that everything is looked after and you know what’s going on now makes a big difference when the time comes to retire. It’s easy to take care of the details with this quick 5-step super health check (put together by the Australian Taxation Office).
Just 5 easy steps.
They recommend you review the checklist once a year (or more if you’re keen, or if your situation changes). It will take you only a few minutes but can make a world of difference for Future You!
Note for Defined Benefit Members: If you’re a defined benefit member, check with us before making any changes to your super. This checklist applies to members in an Accumulation-style account. There may be rules in place that prevent you taking some or all of these steps. Or penalties could apply.
Click this link for details: https://www.ato.gov.au/Individuals/Super/Super-health-check/ or read more below:
Item 1: Check your contact details
Make sure your contact details, TFN and bank account details are up-to-date with the ATO (your myGov account). And with us! Having current details helps to prevent lost super and can help the ATO match any unclaimed super for you.
Go to the ATO section of myGov. Choose My profile and from the drop-down, choose either
- Personal details (for your name, contact number, email, home address)
- Financial institution details (for bank account for your income tax)
You can update your personal details with us in the online member portal of our website or give us a call on 1300 307 844.
Item 2: Check your super balance and employer contributions
From 1 July 2022 to 30 June 2023, your employer needs to have paid at least 10.5% of your salary into your super, if you’re aged over 18. And from 1 July 2023, this increased to 11%. This is the “Super Guarantee” minimum. Under your Enterprise Bargaining Agreement, your employer may also be required to pay you more super than this minimum.
You can view your contribution history in the online member portal on our website.
You can also access the Super section of your myGov account to view either Fund details to see the most recent data we have reported to the ATO for you or the Information>Employer contributions to see the total year-to-date employer contributions in a selected year.
If you aren’t receiving the super you should be, you need to contact your employer and request an update and report it to the ATO.
Item 3: Check for any lost or unclaimed super
Changing your job, your name, or address, for example, can mean you and your super fund (that’s us!) may lose track of each other.
You can view any lost super accounts held for you by logging into your myGov account and selecting the Super option. From there you can select any or all of the following:
- Fund details to check for lost super. If you find that one of your accounts lists you as lost, you can contact the fund to update your details, or roll the money to another of your funds.
- Manage>Transfer super to transfer a lost super account to an eligible super account
- Manage>Transfer super to transfer an ATO-held super account to an eligible super account
- Manage>Withdraw ATO-held super if you want the amount paid to you and you are over 65 or if the amount is less than $200
Item 4: Check if you have multiple accounts and consider consolidating
It’s important to know how many super accounts you have.
There may be a good reason for you to keep more than one super account. However, for many people, combining super may help reduce fees and make it easier to manage.
If you do decide to consolidate your super, make sure that the fund you choose is right for you. Check that the insurance cover it offers suits your needs, that you aren’t losing any benefits that the other super fund can’t match and that the fees are reasonable (remember that ElectricSuper Division 5 members pay no admin fees).
You can consolidate your super in your myGov account. Choose Super then Fund details to see all your super accounts and last-reported balances. Then Manage>Transfer super to choose which funds you wish to roll out of (and close) and which funds you wish to roll your super into.
Item 5: Check your nominated beneficiary
Making sure that you have a valid binding death beneficiary nominated can help protect your loved ones. It can ensure your loved ones aren’t put through unnecessary difficulties to finalise your estate. Your super benefit isn’t automatically covered by your will or treated as part of your estate.
You can find out more about making a binding death benefit nomination in our article or access the form here.
A binding nomination will expire every 3 years.
If you want more detailed information about the super health check steps, visit the ATO website.