What is your super actually invested in?

Open the fund dashboard

If you haven’t checked your super for a while, open your fund’s app or latest statement. You should be able to find your investment option, balance, fees and insurance. Different options can own different mixes of shares, bonds and cash, so the name alone doesn’t tell you everything.

Look beyond last year’s winner

Check the asset allocation and the period used in performance tables. Compare like-for-like options, including investment fees, administration fees, insurance costs and risk. Past performance does not reliably predict future returns.

Choice and complexity

Some platforms, including Colonial First State products, provide a wide menu of investment options. More choice can be useful if you know what you want, but it also creates more decisions and may involve different costs. Compare the exact product and its current PDS.

What to look for in the investment menu

Super funds commonly offer investment options with labels such as conservative, balanced or growth. Those names don't guarantee a fixed mix. One fund's “balanced” option may hold a different amount of shares, property or bonds from another fund's option. Find the actual asset allocation and risk description.

Also check whether you have life, total and permanent disability or income protection insurance through super. Changing funds can affect that cover. Performance is easier to notice than insurance exclusions, but both matter.

A practical super check

1. Log in directly through your fund's official website or app.
2. Check your current investment option and the breakdown across shares, bonds, cash and other assets.
3. Find total fees in dollars where possible, not just the headline investment fee.
4. Check insurance and beneficiaries, and whether you have multiple super accounts.
5. Compare long-term results on a like-for-like basis and think about the risk of the underlying investments.

You're allowed to learn what you're invested in before deciding whether to change it. A more complicated menu doesn't automatically mean a better fund.