Your superannuation is more than just a retirement savings account—it’s a long-term investment in your future. But what happens when money starts leaving your super fund?

Whether it’s fees, insurance premiums, or early withdrawals, here’s a helpful checklist to ensure your super stays on track.

Check: Are fees eating into your balance?

• Administration fees
• Investment management fees
• Adviser or performance fees
• Any exit or switching fees
  

Tip: Compare your current fund with others using the ATO’s YourSuper comparison tool. Even a small difference in fees can add up to tens of thousands over time.

Check: Are insurance premiums quietly reducing your balance?

• Life insurance, TPD, and income protection are often bundled in
  
• Premiums are paid from your super, so your balance drops even if you’re not adding money
  

Tip: Review whether the cover is suitable for your needs and worth the cost.

Check: Are employer contributions being paid regularly?

• Your employer should contribute 11.5% of your ordinary time earnings (as of 1 July 2024). 
• These should hit your fund at least quarterly.
  

Tip: Log in to your super account and ensure contributions arrive. If not, follow up – early!

Check: Have you accessed money early—legally or otherwise?

• Early release of super is only allowed in limited situations (e.g., severe financial hardship or terminal illness)
• Illegally accessing your super can lead to big tax bills and penalties.
  

Tip: Be wary of schemes or promoters claiming they can help you withdraw super “early.”

Check: Is your investment option working for you?

• Is your fund too conservative or too risky for your stage of life?
  
• Are you switching options too often?
  

Tip: Consider reviewing your risk profile every couple of years, or after significant life events.

Check: Have you nominated a beneficiary?

• If you haven’t, your super might not go where you want it to after you pass away.
  

Tip: Ensure your nomination is current and valid (binding is best).

A little super check-in now can mean a big difference later. 

If unsure, your accountant or adviser can help you understand what’s leaving your fund – and whether it should be.