Tips for comparing super

Q. I am currently using a superannuation fund that was chosen by my employer. Am I able to change it to a different fund? What sort of things do I need to compare when choosing a super fund?

A. Yes, you are able to choose your own super fund. Many Australians let their employer choose their super fund when they start at a new job and this is one of the reasons why so many people have multiple super funds, many of which they don’t know about. This means that many of us are paying an excessive amount of money in fees. That is why it is important that every time you start a new job, you let your employer know what super fund you would like to use.  

There are several things you can look at when comparing super funds. The product disclosure statement is a great place to look as it will give you the information you need. This includes:

•    Fees and costs
•    Death and disability benefits
•    Insurance premiums
•    Investment strategies available
•    Fund feature  and services

Make sure you also consider your own retirement plans and goals as this will influence what type of fund would be most suitable for you.