5 key things to check after receiving your annual statement

Title
5 key things to check after receiving your annual statement
Short description
Your annual statement isn't just a snapshot of your super over the past year—it's a chance to pause, take stock and make sure you're still on track for that glorious retirement.
Topics
mlc:Topics/news-and-updates
Time to read/watch
5 min
Effective date
2026-09-02 00:00
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While it can be tempting to file it away for later, spending a few minutes reviewing your statement now could help you feel more informed and confident about your future.

Here are five key things worth checking:

1. Check your balance and recent transactions

Your annual statement shows your account balance and the contributions, if any, that have been paid into your account throughout the year.

Take a moment to check that employer and any personal contributions appear as expected. While your annual statement is a snapshot in time, keeping an eye on your contributions can help you understand how you're progressing towards your retirement goals.

2. Review your investment option

Your super is invested to help grow your savings over the long term, but the investment option that's right for you can change over time.

Your statement will show where your super is currently invested. Consider whether that option still aligns with your goals, investment timeframe and comfort with market ups and downs.

If you're unsure whether your current investment option is right for you, consider speaking with your financial adviser or exploring the guidance and support available through your fund, such as a financial coach.

3. Make sure your insurance still meets your needs

Many super accounts include insurance cover.  Your annual statement can help you understand the cover you currently have and what it may provide if the unexpected happens.

Insurance can play an important role in helping protect you and your loved ones financially. But as your circumstances change, it's worth checking whether your cover still aligns with your needs.

 A new job, growing family, paying off a mortgage, or moving closer to retirement can all be good reasons to review your insurance cover, if you have it, and check whether it still aligns with your needs. It's also important to understand the cost of your cover and how insurance premiums may affect your super balance over time.

4. Check your beneficiaries

Do you have a binding beneficiary nomination in place?

A valid binding beneficiary nomination tells your fund who you want your super benefit paid to when you pass away.

Life can change quickly, so it's important to review your nomination regularly and make sure it reflects your current circumstances and choice.

Events such as getting married, separating, having children or changes within your family may be reasons to review your nomination.

5. Think about your retirement goals

Retirement isn't a one-size-fits-all destination. An annual statement can be a good reminder to check in on your longer-term plans.

The lifestyle you imagine for yourself today may be different from what you pictured five or ten years ago. That's why it's important to check in on your goals from time to time.

Ask yourself:

  • Has my ideal retirement changed?
  • Am I saving enough for the lifestyle I want?
  • Have there been changes in my circumstances that could affect my plans?

Even small steps today can help you feel more confident about your future.

For eligible MLC members, the can provide a personalised super report based on your life stage and help you explore different opportunities that may be available to you. Personal Super Calculator can provide a personalised super report based on your life stage and help you explore different opportunities that may be available to you.

Whether you're looking to:

  • grow your super while you're still working
  • understand your income options as you transition towards retirement
  • or see how your super may support your retirement lifestyle

the calculator can help you project your future super balance, explore different scenarios, and create a plan to improve your retirement outcome.

Try the Personal Super Calculator.

Need help making sense of it all?

If you're unsure about any aspect of your super, you don't have to work it out alone. Speak to your financial adviser or, if you don't have one, book a call with one of our financial coaches.

They can help you better understand your super and the choices available to you, giving you greater confidence about your retirement future

Book a financial coaching appointment today

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  • This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (‘Insignia Financial Group’). This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.

    The Financial Coaches provide financial advice under the Australian Financial Services licence (AFSL) of Actuate Alliance Services Pty Ltd ABN 40 083 233 925 AFSL 240 959 (Actuate). NULIS Nominees (Australia) Limited ABN 80 008 515 633, AFSL 236465 (NULIS) is the trustee of MLC Super Fund ABN 70 732 426 024 (Fund). Actuate and NULIS are both companies within Insignia Financial Group which comprises Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). No other entity within Insignia Financial Group, including NULIS or any other entity within the Insignia Financial Group that is a trustee for a regulated superannuation fund, is liable for or responsible for any work, action or advice provided by Actuate. For important information about Actuate’s services which you should know before making a booking, please refer to Actuate’s Website Disclosure Information

    The Personal Super Calculator is provided by Actuate Alliance Services Pty Ltd ABN 40 083 233 925, ASFL 240959 (Actuate). Actuate is part of the Insignia Financial Group. When providing advice through the Personal Super Calculator, Actuate is limited to advising you on products that are part of the MLC Super Fund. An investment in your super fund is not a deposit or liability of, and is not guaranteed by, Insignia Financial.

    If you log into your super account and cannot find the Personal Super Calculator it might be because you're not eligible to access this service. The eligibility conditions can be found under FAQs at https://www.mlc.com.au/personal/personal-super-calculator