Melody Teh
Retirement Income

A guide to reviewing your super

Choosing a super fund is a key long-term investment decision. It’s also a process you should regularly review to ensure you’re in the best position to support your retirement years.

There are a few things you need to know when choosing or reviewing a super fund. It’s extremely worthwhile doing your research and asking around before you commit yourself.

Things to compare – key points tolook for include the following:

Make sure you check your life insurance cover before moving funds. If you change super funds you may not get the same death, total permanent and disability or income protection cover that you had in your old fund. Be particularly careful if you have a pre-existing medical condition or are aged 60 or over. Seek financial advice if you are unsure.

Super comparison websites – there are a range of super comparison sites to choose from including

Reasons to change – You would change super funds to:

Changing super funds – This is a fairly straightforward process. You just need to fill out a transfer form, which you can get from your super fund, or go to the ATO's information section on transferring your super. You’ll need to provide proof of identity to transfer to another fund; this protects your super from being unlawfully transferred by someone else.

Tags:
superannuation, super, Super advice