FAQ

The Australian Government’s Productivity Commission Inquiry into the superannuation system has revealed significant concerns affecting millions of Australians, emphasising the importance of people proactively checking their super setup to ensure they aren’t amongst the underperforming funds.

Not sure if you need to check yours? Read actual findings taken directly from the government report:

• “The way members are allocated to default products has meant many (at least 1.6 million member accounts) have ended up in an underperforming product, eroding nearly half their balance by retirement.”
• “Structural flaws — unintended multiple accounts and entrenched underperformers — are harming millions of members, and regressively so.”
• “Evidence abounds of excessive and unwarranted fees in the super system.”
• “A third of accounts (about 10 million) are unintended multiple accounts. These erode members’ balances by $2.6 billion a year in unnecessary fees and insurance.”
• “The system offers products that meet most members’ needs, but members lack simple and salient information and impartial advice to help them find the best products.”
• “Not all members get value out of insurance in super. Many see their retirement balances eroded — often by over $50,000 — by duplicate or unsuitable (even ‘zombie’) policies.”
• “Members should also be empowered to choose their own super product from a ‘best in show’ shortlist, set by a competitive and independent process. This will bring benefits above and beyond simply removing underperformers.”

Read the full report here [https://www.pc.gov.au/inquiries/completed/superannuation/assessment/report] or skip to the important part and give us a call to book your super check!

Looking to retire stress-free? Well, it’s time to give your super a closer look. Not all funds are created equal and simply putting your money in a pot and hoping for the best isn’t going to cut it.

Two people at the same fund can get different results. One member could get 10% per year returns, while someone at the same fund gets 3%? It’s how your money is set up within the fund, that makes all the difference.

So, what’s the difference between a good setup and a bad one? It all boils down to fees, returns, and risk. Fees are responsible for robbing so many Aussies of their retirement savings, but it’s often returns where people are missing out. CheckMySuper refer you to licensed financial advice firms who can help you understand your setup, so you can maximise your funds and secure your future.

We’re an independent, Australian-owned company, helping Aussies connect with financial advisers. We want to help you make the most out of your retirement savings. We start the review, collect some basic information about your superannuation, and if you qualify, we refer you to a financial adviser to complete the review. No filling out paperwork, we make it easy. So why wait? Meet our team and learn more about CheckMySuper.

When we say, ‘no out-of-pocket expense’, we mean that if you are impressed by the adviser we refer you to, and decide their advice is in your best interest, meets your personal circumstances, and will provide a significant benefit – any fee can be paid from your super. As long as the advice relates to your superannuation, there is no out-of-pocket expense if you use their service. If you’re not happy with the advice or don’t see a benefit, there won’t be any cost to you. So, it’s a risk-free way to speak with an adviser, review your situation and receive recommendations on how to improve your finances. 

We’re committed to providing a no-obligation service, and our partner advisers will prepare a personalised Statement of Advice (SoA) for you outlining their recommendations and the reasons for their advice, before you have to make any decision.

No-obligation, no out-of-pocket expense, cost-effective and risk-free. That’s why thousands of Australians have used CheckMySuper.

A default super fund or option is the product you’re automatically enrolled in by your employer or when you open a superannuation account. This means that unless you take the time to customise your super fund or have an adviser customise it for you, you could end up in a one-size-fits-all fund with the same investment strategy and insurance as everyone else.

This can be a serious problem, as highlighted by the Government’s Productivity Commission Inquiry into superannuation, which found that many members end up in an underperforming product that can erode nearly half their balance by retirement. 

At CheckMySuper, we believe in personalised super to ensure your investments perform well and your insurance is tailored to your needs. A super review can help ensure you’re not in an underperforming fund, being overcharged in fees, or paying for unsuitable or duplicate insurance policies. Regular reviews are recommended to ensure your super is getting the best possible results and is relevant to your current situation.

At CheckMySuper, we believe that everyone deserves a comfortable retirement. That’s why we want to make it easy for you to get financial advice without worrying about any hidden fees or obligations. And thanks to the Australian Government, taking fees out of your super to pay for financial advice is not only allowed but actually supported – meaning more Aussies just like you can access the financial advice they need to get better set up for retirement. 

So when you work with CheckMySuper, you know that if we refer you to an Adviser, we’ve already done our due diligence on them, so you can rest assured that they will have your best interests in mind and won’t charge you a cent if you’re not completely satisfied with their advice. It’s all part of our commitment to helping you make the most of your super and securing a bright future for yourself.

At CheckMySuper, we’re all about making the review process as simple as possible for you. That’s why our review service is completely free, and always will be. We’re able to offer this service at no cost to you because we’re paid by advisory firms for the referral. You’ll never have to pay an additional fee for using our service.

But that’s not all we do. We also take the guesswork out of choosing an adviser. We thoroughly screen advisers and only refer you to those that achieve high-performance metrics. And we don’t stop there – we manage and monitor their performance to ensure they continue to get you the best ongoing results. So, you can rest assured that you’re in good hands with CheckMySuper, without ever having to worry about hidden fees or extra costs.

CheckMySuper are not financial advisers and cannot provide any financial advice. We conduct a super check, which involves collecting basic information like your super fund, age and balance. We then determine whether a review would be helpful or something you’re interested in. If you would like a review, we pass that information onto one of the Financial Advice firms we work with that we feel will suit your situation. The Adviser will present you with your Financial Health Review results and any advice, where appropriate.

CheckMySuper works with a select group of Financial Advisers, with whom we have commercial arrangements in place for providing introductions. We continually monitor our Financial Advice partners, to ensure that they deliver quality advice and maintain the high standards we expect for our referral clients.

Choosing a financial adviser can be a daunting task, especially when the majority of Advisers in Australia are aligned with a super fund or product provider, which often results in conflicted advice. But at CheckMySuper, we make it easy for you to connect with award-winning advisers who offer genuine and unbiased advice that’s focused solely on serving your best interests – without any hidden agendas. 

At CheckMySuper, we ensure that you only work with vetted advisers who meet the highest industry standards and are specialists in the areas where you require assistance. We stay impartial; we’re not a super fund, bank or financial planning firm, so we’re not here to push a particular super fund. Get the advice that’s right for you.

Absolutely! We’re all about making things quick, easy and secure for our clients. The COVID-19 pandemic has shown us just how much we can achieve by embracing technology.  We’re proud to have helped countless Aussies all across the country, regardless of where they live or what their schedules look like.

Traditionally, seeking financial advice would require an upfront payment before any analysis or work was done. At CheckMySuper there is no cost to review your super. If as a result of the review, you want personalised financial advice, we’ve partnered with some of Australia’s top financial planning firms to make the process easy. You can get a full review, speak to an adviser and receive a no-obligation personalised financial plan. If you don’t like the advice or can’t see the benefit, simply walk away without paying a cent.

Choosing a financial adviser can be daunting, especially when the majority are aligned with a product provider, often leading to concerns around conflicted advice. At CheckMySuper, we connect you with advisers who offer unbiased and genuine advice focused on serving your best interests – without any hidden agendas. CheckMySuper isn’t aligned with any super fund or bank, so there is no incentive to push any particular super fund. We also don’t refer to any advisers that are aligned to super funds or insurance companies.

Walk away – it’s that simple. There are absolutely no fees payable to us or the adviser for any work completed.  

You see, we’re so confident in the work we do, that we put our money where our mouth is; conducting all your super checks and referring you to a licensed financial adviser for a formal statement of advice before you part with a cent. 

Only if you opt-in to proceed with the implementation of your financial plan will any fees be incurred – and best of all, they’ll be disclosed before you proceed and can be paid from your super, meaning no out-of-pocket expense.

Each super fund has different options and there can be thousands of investments to choose from. But how do you know what’s right for you? It’s important to factor in fees, performance, investment returns, risk management, services, past returns, personal objectives, and insurance. And to add to that, which fund you choose is not as important as how you set up your investments within that chosen fund. 

Sounds like a lot of work, doesn’t it? Well, that’s where a bit of expert advice comes in handy, and it just so happens that we’ve got the simplest service in the market. CheckMySuper has partnered with top-rated advisers who can conduct a thorough review of your existing super and hopefully spot new opportunities to better your financial future, without you having to lift a finger. And to make sure our clients don’t get stuck in a dud fund, we only refer to advisers that use award-winning products.

Superannuation is a uniquely Australian retirement savings system, designed to help you live your best life in your golden years. It’s like an untouchable piggy bank that your employer contributes to every payday, building a nest egg for your future self. And with the help of savvy investment professionals who know how to make your money work harder, your savings grow and flourish over time. 

The goal is, when it comes time to retire, you’ll have a stash of money waiting to be spent on whatever you choose. So don’t be intimidated by the term “super” – embrace it, plan for it, and watch your retirement dreams come to life.

Maybe, but it might not be good advice, and it generally won’t be unbiased advice. CheckMySuper does offer a free review service, but if you want a personalised financial plan implemented and managed by a professional, there would be a fee. Before committing to any fee though, CheckMySuper can help. As part of our process, you’ll have the opportunity to speak with a licensed financial adviser with no obligation. You can ask questions and discuss your goals and what you’re trying to achieve. The adviser will then prepare a Statement of Advice tailored to your situation with an outline of what they recommend. The adviser will also show you what you are currently on track for at retirement with your current setup, and the difference if you take their advice. If you choose not to proceed with the adviser’s recommendations, the whole process won’t cost you anything. If you do decide to proceed, any fee can be paid for by your super.

Keep in mind that some super funds may offer free advice, but their in-house advisers can generally only recommend their own company’s products, which may not be in your best interest. At CheckMySuper, we’re not aligned with any banks or super funds, and we only refer to advisers who are not aligned with any super funds, so you can be sure that the advice you receive is in your best interest. Plus, there are no out-of-pocket expenses for giving us a shot! It’s a win-win situation.