Take an active interest in your super

Make sure your superannuation fund is meeting its legal requirments, advise ROD BROWN and JOHN DIXON.

It is a legal requirement that superannuation funds issue a statement to each fund member at least on an annual basis and prior to December 31 for the immediate past financial year. The annual statement provides information regarding the account balance held for the member as well as any contributions received, interest credited and any administrative charges and tax applied. If you didn't receive a statement you should check with your superannuation fund to confirm that it has correct information regarding your personal details such as home address. As recent reports have indicated, there is some $8 billion in superannuation monies that belong to contributors where the contributor is regarded as "lost". Each month that you work your employer will pay contributions on your behalf. If you receive the minimum level of superannuation (the Superannuation Guarantee) you should check whether payments appear on your statement for each month that you worked. If you work full time the amounts would be similar in each month allowing for some variation due to changes in rates of pay following a salary increase or promotion. Some variation may occur where there are three pays in a given month rather than two.

If you have a concern regarding your superannuation statement you should contact your employer in the first instance. Your superannuation fund receives contributions from the employer. The fund is unlikely to know if the Department has made an error either in the amount paid or even if a payment has not been paid that is otherwise owing.

Rod Brown is a Welfare Officer. John Dixon is the Assistant General Secretary (Communications and Administration).