Keep a close eye on your super

Three recent developments highlight the critical importance of taking an active interest in your superannuation benefits.

 

First, it's likely that in the red-tape reform process the government will remove the regulation requiring employers to advise employees of their superannuation payments in regular payslips. Second, a report has estimated that up to $2.5 billion of compulsory super annually has not been paid by employers.

 

Third, several super funds have warned that MySuper changes introduced by the previous government have increased the fees on accounts with smaller balances. This has increased the costs for many workers with multiple accounts with relatively small balances.

 

The most effective way to avoid being adversely affected by any of these issues is to take a close interest in your superannuation. Monitoring both the compulsory contributions from your employer and the voluntary salary sacrifice contributions you make is a quick and easy approach if you choose a fund that offers online and immediate access to your account.

 

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