Are you one of the 690,000 working Australians who are not currently receiving their full super payment? The best way to find out is to check your Super statement.
For those workers not being paid their super, the average amount they missed out on in 2015 was $3,768. This money – a whopping $2.6billion – is workers’ money not being paid to their super fund accounts.*
Unfortunately, that amount is growing every year and represents a significant amount of money that members won’t have to fund their retirement years.
You should check your super at least once a year.
Don’t file your unopened Super statement or throw it in a drawer. It is important that you open your annual statement and double check the listing of payments that have been made. Are they being made regularly (at least quarterly) and do the deposits match the amounts shown on your payslips?
Of course, you don’t need to wait until you receive your statement, you can contact your fund at any time, or sign up for online access to your super account.
What can I do if my super hasn’t been paid?
Call your super fund or Union, if you are not comfortable in speaking to your employer about any discrepancies.
Some industry super funds take a proactive approach, and actively follow up their members’ unpaid super by using the services of specialist superannuation collections agencies such as Industry Funds Credit Control (IFCC).
*Australian Financial Review, ‘Workers Missing out on $2.6b in Super’, 16 November 2015
Industry Funds Credit Control (IFCC) is owned by Industry Fund Services Limited (IFS), ABN 54 007 016 195, AFSL 232514.