With superannuation statement season in full swing, Australians are being urged not to overlook the importance of these annual documents. Experts highlight that these statements hold vital information that could significantly impact the financial security of future retirees.
The superannuation statement provides a snapshot of an individual’s retirement savings, detailing performance, fees, investments, and insurance coverage. However, many Australians tend to dismiss these statements as irrelevant, often failing to recognise the long-term benefits of staying informed.
The Financial Impact of Superannuation Performance
Superannuation expert Pascale Helyar-Moray stresses that Australians should view their superannuation as a dynamic asset rather than a static one. “Put very simply, performance should be high, and fees should be low,” Helyar-Moray told Yahoo Finance. Performance is a key factor in determining how much money you will accumulate by the time you retire. A slight variation in returns can result in a substantial difference in retirement savings over time.
According to data from Canstar, a 30-year-old switching from a super fund offering a 7.7% return to one with a 7% return could see an additional $122,587 by retirement age. While such a difference in returns might seem minor, it can significantly impact retirement plans, especially over a long period. Superannuation is one of the most significant financial assets Australians will own, yet many fail to actively monitor its performance. This failure to assess fund returns, fees, and underlying investments could cost individuals thousands of dollars.
AMP Super’s director of customer solutions, Julie Slapp, underscored the importance of the annual statement, calling it the “most important document of the year.” Slapp explained that reviewing these statements provides individuals with the chance to spot unnecessary charges or identify if their provider is underperforming, helping them make informed decisions about their retirement savings.
Key Considerations When Reviewing a Superannuation Statement
Beyond performance, there are several other critical elements to check on a superannuation statement. One of the most pressing concerns is the recent increase in mandatory super contributions. As of July 1, 2025, the Superannuation Guarantee rate rose from 11.5% to 12%. It is important for individuals to verify that their employer has made the correct contributions according to the updated legal requirements.
Additionally, it is crucial to review how the super is being invested. Super funds typically offer a range of investment options, from conservative to high-risk strategies. It is essential to ensure that the investment profile aligns with an individual’s age, risk tolerance, and retirement goals. Regularly assessing whether the super is in line with changing financial circumstances could improve long-term outcomes.
According to Canstar, consolidating multiple superannuation accounts from previous jobs can also help reduce unnecessary fees, adding to the efficiency of managing retirement savings. Superannuation statements are being sent to Australians now, with many of the top funds having already begun the process. Receiving and reviewing these annual statements provides an opportunity to make informed decisions about retirement strategies, ensuring financial futures are on track.
