Get 2021 off to a strong start and take stock of your superannuation

Published 24 February 2021

LGIAsuper expects that many members use the start of the year to plan for the year ahead. Whether it is going to the gym more, eating healthily or learning a new hobby, a new year is a great opportunity to set goals and plan for your ideal future.

LGIAsuper CEO Kate Farrar said members should make sorting out their superannuation one of their goals for the year. Superannuation is a long-term investment and there are several steps that members can take at the beginning of the year to set their retirement savings on the right path.

“The beginning of a new year is the perfect time to reflect on your superannuation strategy and make sure your money works as hard as you do,” Ms Farrar said.

“At LGIAsuper we offer advice and services that help our members take stock of their superannuation and prepare for a comfortable retirement.”

To help plan for a secure financial future, LGIAsuper suggests members add five resolutions to their list of goals for 2021.

Resolution 1 – Make use of financial advice and online tools
LGIAsuper members have access to a range of financial resources. For example, LGIAsuper members can access single issue advice or a Super Health Check over the phone on topics such as superannuation contributions, insurance, and investment choices at no additional cost.

Superannuation should not be a ‘set and forget’ saving strategy.

Resolution 2 – Review your investment strategy
Whether you are beginning your working life, climbing the corporate ladder or approaching your retirement, it is important to check that your superannuation investment strategy matches your current risk appetite and stage of life. We do urge you not to make any rushed decisions and to remember that superannuation is a long-term strategy. If you have any questions about changing your superannuation investment options, it may help to speak with our advice team. Single issue advice on topics such as changing investment options is available to LGIAsuper members over the phone at no additional cost. Please contact us on 1800 444 396 to book an appointment.

Resolution 3 – Check your beneficiaries
Superannuation can be one of your biggest assets, but many people are not aware that it does not automatically form part of your estate. So, what happens to your superannuation in the event of your death?

To ensure your superannuation is distributed to your loved ones, you should nominate a beneficiary.

It only takes a moment to nominate a beneficiary and it can save your family a lot of stress. Go to lgiasuper.com.au/retirement/nominate-a-beneficiary. You can view your nominated beneficiaries in Member Online, log in at lgiasuper.com.au 

Resolution 4 – Consolidate your superannuation accounts
If you are one of the many Australians with more than one superannuation account, you could be paying more administration fees than you need to.  These fees are money that could be working towards your dream retirement.

The process of combining your superannuation accounts into one is called consolidation.

According to moneysmart.gov.au, the benefits of consolidation include:

  • Saving money by only paying one set of administration fees;
  • Having less paperwork;
  • Easily keep track of your super balance.

Consolidating your super into one account is quick and easy. If you would like to consolidate other accounts into LGIAsuper, you can do it all online.

Things to consider before consolidating your super:

  • You may prefer to keep more than one super account. Everyone is different, and you should consider what is best for your situation. Compare your super funds, and if you decide to consolidate, choose the fund you think will give you the best long-term outcome for your retirement. 
  • Before consolidating, you should check with your other super fund(s) to see if this could result in changes to your employer contributions, any fee or tax implications, or loss of insurance cover.
  • If you are planning to claim a tax deduction for any personal super contributions you have previously made, you will need to submit a notice of intent form to your original fund, before you consolidate your super into another fund.

Resolution 5 – Review your insurance cover
As your life changes, your insurance cover should change too. Major life events like a marriage, divorce, new child, mortgage or your partner’s death can change your life and put you at financial risk. LGIAsuper recently made it easier to increase your cover. Members under age 60 can either:

  • Apply online – you can log in or register for access to your account at lgiasuper.com.au, then follow the navigation options to Insurance Online. Click here to view our insurance guide. For more information you can also go to our website: https://www.lgiasuper.com.au/superannuation/insurance
  • Complete the life events application form at the back of the LGIAsuper insurance guide 

“Although 2020 was a tough year for everyone, LGIAsuper came out of the market volatility in a strong position and we are ready for another year of working hard to achieve the best investment outcomes for our members in 2021,” Ms Farrar said.

To start taking steps to a more financially secure future, members  are encouraged to visit lgiasuper.com.au.

LGIAsuper has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514 to facilitate the provision of financial advice to members of LGIAsuper. LGIAsuper financial advisers are salaried LGIAsuper employees and are Authorised Representatives of IFS.

Additionally, LGIAsuper has also engaged Link Advice Pty Limited ABN 36 105 811 336, AFSL 258145 to provide LGIAsuper members with access to limited personal advice over the phone with respect to LGIAsuper products.

This article has been produced by LGIAsuper Trustee (ABN 94 085 088 484, AFS Licence No. 230511) ATF LGIAsuper (ABN 23 053 121 564) and may contain general advice, which has been prepared without taking into account your objectives, financial situation or needs. As such, you should consider the appropriateness of the advice to your objectives, financial situation and needs before acting on the advice. You should also obtain and consider the Product Disclosure Statement (PDS) for your account before making any decision to acquire or contribute additional amounts to your LGIAsuper account – available to download at https://lgiasuper.com.au/pds or call us on 1800 444 396 to request a copy. This article contains information that is up to date at the time of publishing. Some of the information may change following its release. Any questions can be referred to LGIAsuper by calling us on 1800 444 396 or by emailing us at info@lgiasuper.com.au.