MEMBERS-How to increase the value of your super account.

Here a few things that super members need to consider to get better returns from their fund and pay less in fees.

1.Make sure that you have the correct level of life insurance paid by your employer fund.Don't pay for life insurance personally.

2. Make an investment choice that matches your age. If you are 30 then focus on a growth strategy with up to 90% of your fund in shares property and other assets that will grow over time.

3. Make sure that you stay in a fund that does not move to a different price if you leave the employer.

4. Combine your super with your spouse or partner. Most funds allow spouses to join and get fee discounts.

5. Consolidate. You need to stop paying member fees if your account balance is generally over $10,000.

EMPLOYERS-Encourage members to consolidate into the Default fund.

When you are considering joining employees into the Company fund you need to consider the following very carefully.

How do I compare the fees?

Financial Choice will provide you with a statement of advice that will compare any fund with the employer fund using independent research. All employer funds are different because the fees in most cases have been negotiated between the Company and the Super fund provider.You cannot just refer to the Company brochure for an accurate comparison.

What about the investment default?

More than 85% of employees choose the default investment that has been set. This is reflected by the level of advice at the workplace. An individual advice session will help you tailor a good long term investment choice for you that meet your expectations. Make a choice. Get involved in understanding your super better.

What about Insurance?

A large part of the superannuation membership may be paying for life insurance and income protection outside of the company default fund. This is tax ineffective and costly. Make sure that your fund can tailor a individual insurance package that meets your needs.

Most important of all- get members to consolidate to drive down all fees.

We use the find my super search and consolidation service to help members consolidate. This is free to members of funds that we advise on. Their are 30 million super accounts in Australia and only 9 million workers. It is the biggest issue in super today.