Six months ago I had super with three different super funds and my contact details were out of date. I never heard from any of my super funds and that was how I liked it. But the reality was, my super was being chewed up by three separate sets of fees and I didn’t even know my balance or whether my employer was making the correct contributions. That’s a bit scary!
So one day I finally decided to set aside an hour to sort out my super.
In just half a year, I’ve watched my super balance grow by almost $5,000! But I’m not a financial planner or an investment expert, I’m just a regular 25 year old who took a moment out of my day to make sure my super was on track.
So, want to know how I did it, step-by-step? Here’s my easy recipe for super success!
Time: 1 hour
Skill level: Easy
- your tax file number (TFN)
- your member number
- a recent payslip
- your phone (let’s be honest, it’s always close by).
1. Provide your tax file number
Ensure you’ve provided your super fund with your tax file number. If not, you’ll pay more tax on your contributions than you need to and could lead to you having a lower balance in your account than you’d like.
To update your tax file number, log in to Tasplan Online and select the Personal details tab or call us on 1800 005 166.
2. Update your contact details
Just like your favourite online store that emails you when they’re having a sale, your super fund sometimes has important things to tell you too! So make sure you keep your contact details up-to-date, most importantly your mobile number and email address.
To update your contact details, log in to Tasplan Online and select the Personal details tab. To update your mobile number, just give us a quick call on 1800 005 166 and we’ll update it for you.
While you’re there, tell us how you’d like us to communicate with you by updating your communication preferences at the bottom of the Personal details page.
3. Check your balance
Just like you check your bank balance, why not check how your super balance is tracking too.
Tasplan Online is an online portal where you can keep up-to-date with your account … just like you do with your day-to-day banking. Simple!
4. Check your employer’s paying your super
Is your employer paying super contributions on your behalf?
If you earn over $450 each calendar month, your employer should be making contributions of 9.5% of your annual wage or salary.
The ATO has a great Estimate my super tool that lets you check how much super your employer should be paying. If you have any questions, you should talk to your employer to check they have your correct details.
5. Combine your super accounts
Have you got more than one super account? The more you have, the more you could be paying in fees ... not ideal! So, decide on the one you want to keep and consider combining your super accounts into that one.
You can combine your super into your Tasplan account using Tasplan Online. Tasplan Online allows you to combine your super accounts with the click of a button. To do this, you’ll need to have your other super fund’s name and account number handy.
Alternatively, you can combine your accounts by creating a myGov account and linking to the ATO. You’ll need to have your TFN close by.
6. Check your insurance is right for you
Did you know, when you become a Tasplan member you’re automatically assigned a basic level of cover for death and total and permanent disablement?
Insurance is important because it protects you and your family in the event of your unexpected death or disablement.
But, subject to eligibility, you can tailor your insurance options to suit your personal circumstances.
You can check your current insurance cover by logging into Tasplan Online and looking under the Insurance tab, checking your member statement, or calling us on 1800 005 166.
If you’d like to make changes to your insurance cover, you can book an appointment with a Tasplan Member Services Consultant on 1800 005 166 or you can apply for additional cover at any time by completing the relevant application form on our website.
7. Ready, set, grow!
This final step is my personal favourite; consider making additional contributions to your super. I did, and while it’s only a small amount, it’s making the greatest difference to the growth of my balance!
I totally understand that your savings priorities right now might be saving for a house deposit or an overseas holiday, but it’s still important to set a foundation now for the rest of your financial life.
If you’re able to, take a second to look at your finances and work out the best way to contribute to your super without hurting your budget.
Now that’s done, you can breathe a big sigh of relief and treat yourself to a few hours of Netflix and a donut. You deserve it!
Moving forward, don’t forget to keep an occasional eye on your account – and see all your hard work paying off!
This information is provided by Tasplan Pty Ltd. This article contains information or advice that is intended to be general in nature and which was prepared without taking into account your personal objectives, financial situation or needs. Because of that, before acting on any information or advice in this article, please consider whether it is appropriate to your personal circumstances, talk to a financial planner and consider the relevant Member guide available at tasplan.com.au or by calling 1800 005 166, before making a decision about whether to acquire the products.
The trustee of Tasplan Super (ABN 14 602 032 302) is Tasplan Pty Ltd (ABN 13 009 563 062). AFSL 235391.