How to read your super statement (and the five things to check)

Every year, your super fund sends you a statement — and every year, most people file it, unopened, in the mental drawer marked "deal with later." It's an understandable habit, but a costly one, because that statement is a health check on what is, for many people, their biggest or second-biggest asset after the home. Ten minutes spent actually reading it can catch problems that quietly cost you money for years: employer super that isn't being paid, fees eating into your returns, insurance you didn't know you had (or have lost), and a beneficiary nomination that's out of date. Here's how to read it, part by part, and the five things worth checking. This article is general information only, not personal advice.

What does the balance section show?

A super statement can look busy, but it's really just a few sections, each answering a simple question. The first is your balance — the headline number, usually shown as an opening balance at the start of the period and a closing balance at the end, with the change in between. That change is the sum of everything that went *in* over the year (contributions and investment earnings) minus everything that came *out* (fees, insurance premiums, and any withdrawals).

What do contributions in show?

The next section shows the money added over the year: your employer's Superannuation Guarantee (SG) contributions — the compulsory super an employer must pay, now 12% of your ordinary earnings since 1 July 2025 (ATO, https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/super-guarantee) — plus any salary sacrifice, personal contributions, or a government co-contribution. Look closely here, because this is where you catch one of the most common and costly problems: employer super that isn't being paid. If the employer contributions look light, or have stopped, that's money you're owed — chase it up with your employer, and if it isn't resolved, report it to the ATO, which can pursue the unpaid amount as a super guarantee charge (ATO, https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/unpaid-super-from-your-employer).

What about fees, insurance and your investment option?

Three more sections each reward a quick look. The fees section shows the administration and investment fees taken from your account; fees might look small as a percentage, but they compound against you year after year, so it's worth knowing what you're paying and whether it's competitive (ASIC MoneySmart, https://moneysmart.gov.au/how-super-works/superannuation-fees), and our article on super fees explains why. The insurance section shows premiums for any life, total and permanent disability, and sometimes income protection cover, quietly deducted from your balance — and it's where you check three things: that you have the cover you want, that you're not paying for cover you don't need, and, importantly, that you haven't lost cover you were relying on, which can happen if an account goes inactive. And the investment section shows which option your money sits in — balanced, growth, conservative, or similar — and how it performed; the question to ask is whether that option still suits your timeframe and comfort with risk, which our article on choosing an investment option helps with.

What about your beneficiary nomination and the projection?

Somewhere on the statement, or in your online account, is your beneficiary nomination — who is set to receive your super if you die. Check it's current and valid, because nominations can lapse over time or fall out of date after a marriage, divorce or death, and our articles on nominations and on relationship changes explain why this matters so much. Many statements now also include a retirement projection, an estimate of what your balance or income might be at retirement. Treat it as a rough guide rather than a promise, but it's a handy reality check against the retirement you're aiming for.

What are the five things to check?

Distil all of that into a quick annual routine, and five checks matter most. First, is your employer actually paying your super — are the contributions appearing? Second, are the fees reasonable? Third, is the insurance right — enough, not too much, and not lost? Fourth, does the investment option still suit you? And fifth, is your beneficiary nomination current and valid? There's one bonus check, too: if the statement reminds you that you have more than one super account, that usually means you're paying more than one set of fees, which is a prompt to consider consolidating into one — checking first that you won't lose any insurance you need (ASIC MoneySmart, https://moneysmart.gov.au/how-super-works/consolidating-super-funds).

What do the worked examples show?

These show two of the catches a ten-minute read can make. They are illustrative only, not personal advice.

Consider Frank, 58, still working full-time, who opens his super statement out of habit one evening and actually reads the contributions section. On these facts the value is in the catch: he notices his employer's Superannuation Guarantee contributions — which should be 12% of his ordinary earnings (ATO, https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/super-guarantee) — stopped appearing about three months ago. On these facts it is generally rational for someone in Frank's position to raise it with his employer straight away and, if it isn't fixed, report the unpaid super to the ATO (ATO, https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/unpaid-super-from-your-employer) — catching three months of missing super now, before it quietly becomes years of it.

Now consider Margaret, 63, a few years divorced, who has two old super accounts she's barely looked at. On these facts a careful read turns up two things worth fixing: her larger account still names her ex-husband as the beneficiary, years after the divorce, and she's paying a separate set of administration fees and insurance premiums on both accounts (ASIC MoneySmart, https://moneysmart.gov.au/how-super-works/consolidating-super-funds). On these facts it is generally rational for someone in Margaret's position to update the nomination to reflect her wishes now, and to consider consolidating the two accounts into one to stop paying double fees — after first checking she won't give up any insurance cover she still wants.

What should you do?

None of this takes long, and the pay-off is real. So the next time a super statement lands, actually open it, run those five checks, and act on anything that's off — chase unpaid super, review your fees and insurance, make sure your investment option fits, update your nomination, and tidy up stray accounts. Between statements, you don't have to wait a year: myGov and your fund's app give you a live view of your balance, contributions and details any time you want (ASIC MoneySmart, https://moneysmart.gov.au/how-super-works/keeping-track-of-your-super). It's ten minutes, once a year, on one of the most important assets you'll ever own — which makes it some of the best-value financial housekeeping there is.

Sources

• ASIC MoneySmart — Keeping track of your super
• Australian Taxation Office — Unpaid super from your employer
• Australian Taxation Office — Super guarantee rate
• ASIC MoneySmart — Super fees
• ASIC MoneySmart — Consolidating super funds