iAdvice Financial Services | How to read your Super statement
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How to read your Super statement

How to read your Super statement

Super statement allows you to keep a track of your retirement savings. If you know about your super balance, you can adjust your strategy accordingly to achieve your retirement goals. Here are few important things you should keep an eye on.


It is compulsory for your employer to contribute at least 9.5% of your ordinary time earnings and hence, you should ensure the minimum contribution is paid. If you contributed to your super as well, you should ensure it is included there as well.

Self-employed people who make personal deductible contributions should ensure that they are correctly acknowledged and in the correct category by the super trustee.


Super statement shows the super value at the start and end of the period, allowing you to check whether your super have increased and by how much. It also explains how much you are entitled to if you leave your fund at the statement date. Your super will have a status depending on what phase of life you are in.

Preserved: you cannot withdraw this part of your super unless you satisfy a condition of release.

Restricted Non-preserved: applies to contributions to super made before 1 July 1999. It can be withdrawn when you leave your employer or satisfy another condition of release.

Unrestricted non-preserved: You can withdraw this part of your super at any time. It might be taxed, depending on your situation.


A Super fund charges a range of fees including:

  • Administration fee for keeping your fund.
  • Management fee (MER) for managing your investment.
  • Contribution fees for receiving and investing your contributions.
  • Insurance premium depending on if you have insurance with your super fund or not.

It is advised to keep a track on management and administration fee as they affect your returns and consolidate all your super funds into one to ensure lower cost. If you need help in consolidating your accounts,


Super funds often have a default insurance option and it deducts the insurance premium from your super account. To ensure you are not paying double premium by having same insurance with your personal insurance and super, you should read your super statement carefully.

There are various little things that you need to be careful about including your beneficiary, personal details and more. Hence, it is advised to open your super statement and read it carefully.

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