What to look for in your annual member statement
Your annual statement for the 2020-21 financial year is now ready. Depending on your preferences, you’ll receive an email to access your statement online or a posted statement.
Your annual statement is a great way to check up on your super or pension and make sure you’re on track to achieve your desired retirement lifestyle, or to remain comfortable if you’re already retired.
There’s lots of useful information to look out for in your statement, including your balance, investment performance, your insurance and more. Here’s a snapshot of the key information.
Check your details are correct
You should take a moment to ensure your details are correct, complete with your name, contact phone number, email and current mailing address. If your details don’t look right, you can log into your online account at any time to update them.
Keeping your details up to date is the easiest way to make sure you’re aware of important information and that none of your valuable super becomes lost.
Check your investment options
Your statement outlines how your super or pension is invested, how these investment options performed over the year and details of long-term performance.
Everyone’s investment needs are different and may change throughout your life, so you should consider whether your current options are still right for you. The investment choices you make now could have a significant impact on your retirement income.
You should consider speaking to our team if you’re thinking of making a change. Call the Helpline on 1800 640 886 to get started.
Make sure your beneficiaries are correct
It’s important to let us know how you’d like your super benefits to be distributed when you die because your super is not automatically part of your estate. Your statement outlines who’s currently nominated to receive these benefits, either as binding, non-binding or reversionary nominations.
A binding nomination must be made in writing. It can be changed any time but must be renewed every three years. A non-binding nomination can be made or adjusted through your online account or in writing.
A reversionary nomination only counts if you’re already receiving income from an account-based pension. You can only nominate one reversionary beneficiary, and if you’d like to change this, you must cancel your current pension and a start a new one.
For super members
Check your balance and transactions
It’s always a good idea to check your balance and see how much super you have. For the 2020-21 financial year, the minimum employer contribution – also known as the super guarantee (SG) – was 9.5%. Check your transactions and make sure your employer has been making these contributions in full.
Note that from 1 July 2021, SG increased to 10%. You should check your payslips to ensure your employer has increased your contributions.
Check your insurance cover
Life doesn’t always go to plan, so it’s important you and your family are covered in case something goes wrong. It’s important to note your statement outlines your insurance cover at 30 June 2021 and does not take into account insurance changes that took effect on 1 July 2021. For more information on these changes and to check your current cover and premiums, log into your account or call us.
Premiums are deducted from your super, and while insurance is an important part of your financial wellbeing, premiums can affect your savings over time. Insurance is flexible and you can change your cover at any time.
Consider your projected balance
Most members receive a projection* on their statement of how much super they may have at age 67. You should take a moment to consider this information.
Check out the ‘How much super will you need for retirement?’ page for further information on how much super you may need to achieve your desired retirement lifestyle.
For pension members
Check your payments and balance
Your statement outlines your payments and balance summary, including your minimum and maximum annual pension payments. Each year on 1 July your new minimum and maximum (if applicable) limits are recalculated using your new age and account balance.
You can change your Media Super pension payment amount and frequency at any time by logging into your account online.
We’re here to help
If you have any questions about your statement, making contributions or require account admin support, our team can help. Call the Helpline on 1800 640 886 between 8.00am and 7.00pm AEST/AEDT on weekdays or make a secure enquiry through your online account.
*This projection is based on admin fees and insurance premiums at 30 June 2021 and doesn't take into account changes from 1 July 2021. Please use the calculator in your online account for a projection based on current fees and costs. Or if you didn’t receive a projection on your statement (as you recently joined or due to other criteria), you can use the calculator in your online account to get one based on your circumstances.