How to read your 2021-22 Annual Member Statement
We know that annual superannuation statements can contain a lot of information, so we wrote this handy guide to help you understand the details.
Or if you’re more of a visual and audio kind of person, you can find our video explainer here.
Your Account Summary
The annual statement is a summary of your account in the past financial year (from 1 July 2021- 30 June 2022)
Opening balance is the balance of your account at the start of the financial year on 1 July 2021.
What’s been added includes funds allocated to your account, such as rollovers from your other super accounts, contributions (government, employer, and personal contributions, for example) and tax rebates (you receive a tax rebate of 15% on direct fees deducted from your account).
What has been deducted from your account include deductions like taxes on your contributions, benefits paid (e.g. withdrawals or rollovers), insurance premiums and direct fees. (Fees are explained further below). Note, anything in brackets means a deduction or loss.
** Earnings** shows the net return (or loss) for the year. This is the net movement in value of your investment over the year, less any indirect fees or taxes. (Read more about this below).
Closing balance is the balance at the end of the financial year (ending 30 June 2022). Please note, this is not your current balance.
Accessing Your Super
Your account balance is broken into different components in the ‘Access Your Money’ section.
Preserved benefit means you can only withdraw this money if you meet a condition of release.
Restricted non-preserved benefits generally stem from employment-related contributions (other than employer contributions) made before 1 July 1999. You can access this component of your super if that employment has terminated.
Unrestricted non-preserved benefits are the funds in your account that you can withdraw without restriction.
The total value shown here is your balance as at 30 June 2022.
Units held means the number of units you own. Future Super is a unitised fund, which means that every time a contribution is made into your account, you are issued units in your chosen investment option. Your balance is therefore calculated as the number of units you hold multiplied by the unit price on any particular day.
Unit price is the price for all members of the fund (the value of a unit) is calculated every weekday and changes based on the value of the assets the fund invests in, as well as the fees and taxes that are due and deducted from the value of the assets.
How returns are calculated
Your investment performance is displayed after the fees and costs deducted from your investment. This includes the asset-based administration fee (% fee), investment fee and taxes are deducted (more on this below).
This also means ourpublished fund returns are shown after those fees and taxes are deducted.
Your personal investment performance may differ to the fund performance depending on when you rolled in, and when and how much you contributed during the financial year.
Your Insurance Details
Future Super provides insurance on an opt-in basis only, i.e., we do not automatically provide members with default insurance. If you have cover with us, it will appear in the Insurance Cover section and state your policy type and coverage amount.
Beneficiary Details shows who you have nominated to receive a lump sum benefit in the event of your death. These nominations can be applied as binding or non-binding.
If you do not nominate a beneficiary, the Trustee of Future Super will have the final say as to who should receive your benefits.
You can read more about how beneficiaries work on pages 8-9 of our Additional Information Booklet.
Total Fees You Paid
The total fees and costs you paid is made up of fees deducted directly from your account and the fees and costs deducted from your investment. This may differ depending on the investment option you have chosen to be in. A more detailed breakdown of fees can be found from pages 26-30 of the Additional Information Booklet.
Fees deducted directly from your account are the fees deducted directly from your account that appear in your transaction history. This includes the dollar-based administration fee.
Fees and costs deducted from your investment include most of your percentage-based fees are deducted when calculating your investment earnings figure. This includes the asset-based administration fee (%) and your investment fee. These don’t appear in your transaction history.
This amount also includes indirect costs met by reserves and costs paid by third parties; these amounts are not deducted from your investment earnings but are a representation of the costs incurred to operate the fund.
You can read more about how fees and costs are now displayed in our blog post here.
Please note, the way the fees are calculated and when they are applied differs depending on the type of fee, for more information refer to the page 27 of the Additional Information Booklet.