When you join the workforce, it’s likely that your superannuation fund was chosen for you by your employer. If you’ve kept that fund throughout your career and across the jobs that you have, you might not have put too much thought into how it’s performing. However, if you have and you find it lacking, here are some things that you can do.

When you are comparing super funds, you should weigh up how well the funds are performing against each other, and have done so over the previous five years. You should only compare funds that operate under the same investment options (ie. balanced versus balanced).

The kinds of fees you may pay should also be closely considered as a factor in choosing a fund to switch to. In this instance, you’ll want to be looking at how they are deducted, how low they are overall and what actions may incur a fee (such as switching investment options).

Examining the kinds of default insurance offered by the funds (life, total and permanent disability, and income protection) will provide you with an overview of what might offer you the better coverage. You should look at:

• The premium rates,
• The amount of cover, and
• Any exclusions or definitions that might affect you.

Examining these factors will assist you in determining whether or not the fund is still right for your needs. If you have questions about your superannuation or want to discuss your options, you can speak directly with your super provider for more information.