Making heads or tails of it all
The superannuation industry seems to love using confusing terms and technical jargon.
But if we could use simpler language for things like ‘asset allocation’ or ‘unit pricing’ then we would in a heartbeat.
Unfortunately regulation means we often need to use certain standard terms across the industry.
So we’re finding other ways to make it easier for our customers to understand their super.
One such way is with our revamped online Super Statement Tool.
This great little device has been helping customers make sense of it all since 2009, taking them though their annual super statements and explaining what it all means.
How does it all work?
This interactive tool walks you through a typical statement and explains what many of the sections mean.
The tool acts as quasi code breaker, offering simple definitions and explanations for what is included on a typical super statement.
Plus with the recent MySuper changes implemented by the government earlier this year, there are a few more areas that may need explaining.
Aside from being available online 24/7, we hope the tool will help you understand your super that little bit better.
And who knows when a random question on super will pop up at pub trivia.
Keep an eye out for your statement in the mail and then jump online and take a look our Super Statement Tool.
As always, if you have any other questions about your super, please talk to a financial planner or give us a call on 1800 083 928.