Super is a long-term investment, but that does not mean it should be ignored for decades. A regular review can help identify missing contributions, unsuitable investments, duplicate fees or insurance that no longer matches your needs. We suggest that you have a record of all your super accounts and are able to login to those accounts at least once per year more often if your life is changing.
Is Once a Year Enough?
For many people, checking super at least periodically and after major life events is sensible. You do not need to make changes every time you review it.
Check Employer Contributions
Check that employer contributions are being paid correctly, and that your personal details are up to date with your superannuation fund.
Review Investment Options
Check whether the current investment mix still matches your timeframe and tolerance for market volatility. Avoid switching solely because another option performed better recently. This is an aspect of your superannuation that really benefits from financial advice.
Check Fees
Review administration and investment fees and compare the value provided by the fund.
Review Insurance Through Super
Check what life, TPD or income protection cover exists, what it costs and whether it still suits your circumstances.
Review Beneficiary Nominations
Marriage, separation, children and other family changes can make old nominations inappropriate.
Life Events Can Trigger an Earlier Review
Changing jobs, receiving a significant pay increase, taking parental leave, approaching retirement or consolidating super accounts can all justify a closer look.
Use Reviews to Stay Aligned, Not to Chase Performance
At Setch Group, super reviews focus on whether the structure still supports long-term goals rather than encouraging constant changes.
If you have not reviewed your super for some time, complete the Setch Group Financial Healthcheck.
Frequently Asked Questions
Should I change funds after one bad year?
Not automatically. Consider long-term performance, fees, risk, insurance and services.
Should I consolidate multiple super accounts?
It may simplify fees and administration but check insurance and other benefits first.
How often should I check beneficiaries?
Review them after major family changes and periodically to make sure nominations remain valid. Also, there are certain family members that are not eligible to be beneficiaries under a superannuation nomination and in those instances, it maybe necessary to nominate your legal personal representative and put a Will in place.
This article contains general information only and is not financial advice.
