Is your pension account up to date?
Super 101 | Date Posted 28 November 2024
Your 10 minute pension check
During your retirement, your lifestyle and personal situation may vary, so it’s important to regularly review your pension account. Reviewing your account isn’t complicated and all it takes is around 10 minutes. Here’s a quick and easy pension checklist to get you started.
Who are your beneficiaries?
Your beneficiary is the person, or people, who’ll get your super after you pass away. If you have a super account and don’t nominate a beneficiary, the Trustee of your super fund decides who should receive your benefits (usually your spouse, dependants or estate). A legally-binding nomination is the only way of ensuring your super is distributed the way you want it to be, so you can be confident your loved ones will be taken care of.
For pension account holders, if you don’t have a binding nomination on your account, your pension will be transferred to your spouse if you pass away (if you don’t have a spouse, your pension will be paid to your dependents or Legal Personal Representative).
Your recent Annual Statement will show whether or not you have any beneficiaries listed on your account. If your nomination is a binding one, you’ll receive a reminder when it’s due to expire.
Did you know? You can now make a binding nomination online. Log in to your online account, go to the Manage my beneficiaries page and follow the prompts.
Are your contact details up to date?
As your super fund, we may need to get in touch with you to let you know about important updates on your account. That’s why it’s essential to keep your contact details up to date and tell us about any changes as soon as possible – for example, if you move house or get a new phone number or email address.
You can check your contact details on your Annual Statement or via your online account.
How is your money invested?
You can take greater control over your super by actively choosing your investment options. Your investment strategy should be based on your long-term goals, with an investment mix that matches your risk appetite and life stage. Want to know more about our investment options, and help to work out what’s right for you? Request your complimentary appointment with Mine Super Financial Advice.
Review your pension payments
It’s a good idea to check your pension payments amount and frequency are still right for your needs – with your Mine Super pension account you can choose how much you’d like to receive and how often you’re paid. If you want to make any changes, you can easily and quickly do this online. Prefer to speak to someone? You can also make changes over the phone, or by completing a form.
Have you got online account access yet?
If you haven’t already, register for online account access. With online access, you’ll be able to manage your Mine Super account 24/7, including:
Update personal information
Monitor and update your pension payment information (including how much you receive)
View your account balance and change investment options
Manage your beneficiaries
Turn to Mine
If you have any questions about your pension or what strategies might work to help you make the most of your money, you can reach us on 13 64 63, Monday to Friday, 8am to 6pm, or contact us via our website. We can also put you in touch with Mine Super Financial Advice for additional support to help you decide what’s right for you. Mine Super members are entitled to a complimentary appointment. And did you know? Advice on how your account is invested is at no extra cost, but there are fees associated with providing personal financial advice. During your appointment your adviser will discuss the fees and how you’d like to proceed.
Meet the team or request an appointment with Mine Super Financial Advice.