Unpacking your annual Mercer Super statement

The first section of your statement provides a summary of the money coming in and going out of your account for the 2022/23 financial year as well as your closing balance at 30 June 2023.

If your account with Mercer Super was opened between 1 July 2022 and 30 June 2023, this summary will only show information from the date you joined.

While it’s always good to see your account balance increase year on year, it’s important to remember super is a long-term investment – often benefiting from a mixture of contributions and investment returns which are compounded over several decades. Returns can and will fluctuate from year to year.

The first section of your statement provides a summary of the money coming in and going out of your account for the 2022/23 financial year as well as your closing balance at 30 June 2023.

If your account with Mercer Super was opened between 1 July 2022 and 30 June 2023, this summary will only show information from the date you joined.

As a pension member, although your funds are invested and will continue to benefit from investment returns, you can typically expect your account balance to reduce each year as you draw an income to fund your retirement. 

In addition to seeing a summary of the money coming in and going out of your account you’ll also see your pension payment amounts for the 2023/24 financial year.

All super funds charge a range of fees and costs for managing the fund and its investments. Your Mercer Super member statement outlines the fees and costs that have been charged to your account, with notes explaining what they pay for.

Low fees, combined with strong long-term investment returns,² means more value for you, more confidence about your financial future and potentially more savings to rely on when you stop working.

On 1 April 2023, we reduced our fees to some of the lowest in the Australian superannuation market.³

How a super fund performs over the long-term can make a significant difference to your final balance, especially when combined with low fees.

EOFY 2023 results

Our default investment option, Mercer SmartPath® delivered a strong performance with returns around 12% for most of our members aged under 55 years for the financial year ended 30 June 2023. This is higher than many of our largest competitors and above the Default Options median of 9.3%.¹

If you’d like to learn more about Mercer Super’s strong past performance, you can visit our performance page.

When it comes to investment options, one size doesn’t fit all – which is why we offer a broad range of options, each with varying levels of risk and potential for returns.

If you’re unsure whether your current investment option(s) is right for you, try using the self-service e-Advice tool by logging into your account and heading to ‘Advice Tools’.

This tool, which is available to most Mercer Super members can provide you with personal advice to help you determine which of our many investment options best align with your specific risk profile – ensuring you have peace of mind as you plan your retirement.

Insurance cover with your Mercer Super account is an easy and tax-effective way of helping ensure there is some financial support for you or your loved ones if something happens to you.

You should ensure that your level of coverage is appropriate for your personal circumstances. Having too little could leave you or your loved ones struggling to make ends meet, whereas having too much could mean higher premiums needlessly drain your super balance.

For further information on insurance, the types of cover we offer, access to a calculator that will help you determine the appropriate level of cover for your personal circumstances, as well as how to apply for cover, please visit our insurance webpage.

As your super cannot typically be included in your will, by nominating a beneficiary, you can tell us who should get your super if you pass away. There are various types of beneficiaries, each with their own rules and processes.

You should review your beneficiaries and, if required, add or update your nominations to ensure the right people are nominated.

You can find more info on beneficiaries, including how to update your nomination on our dedicated beneficiary webpage.

Look ahead at your projected balance of what your retirement savings could look like by the time you turn 67. 

Find out how much income you're on track to receive when you retire, and estimate how long your super may last by using the Retirement Income Simulator tool at mercersuper.com.au/retire.

If you think the estimated balance won’t be enough to maintain your desired lifestyle in retirement, you may consider making additional contributions to your super or reviewing your investment strategy.

Checking your contact details are correct helps make sure you remain up to date with important information about your account and ensures none of your valuable super becomes lost.

Depending on your account type, your personal details may appear on the front page of your statement or near the end.

You can update your personal details by logging in to your online account and heading to the personal details section.

Your transaction history details all the money that has been deducted from your account (such as fees, taxes and insurance premiums) as well as any rebates and contributions. This includes the Superannuation Guarantee (SG) payments made by your employer.

The minimum SG amount for the 2022/23 financial year was 10.5% of your gross income. Employers were required to make these contributions on at least a quarterly basis. 

Check your transactions to be sure your employer has been making these contributions in full. 

For further information on SG contributions, including what to do if you think your employer has made a mistake, visit our dedicated SG webpage.

This section provides a comparison of your balance between 1 July 2022 and 30 June 2023 (this period will be less if your account was opened after 1 July 2022). 

Most super members have all their funds ‘preserved’, meaning they cannot be withdrawn until they meet a condition of release.

Once a member has retired or met another condition of release, some or all of the funds will become ‘unrestricted non-preserved’ and can be withdrawn. To learn more about conditions of release, see our factsheet.

There is also a table showing your opening balance as at 1 July 2022, a detailed list of contributions, earnings and fee types that caused your balance to go up or down, along with the corresponding amounts, and a final closing balance for 30 June 2023.

We’re currently preparing the 2022/23 annual statements for all Mercer Super members. Most members should receive their annual statements by late November.

• Employer plan statements will be issued from early August

• Pension statements will be issued from late August

• Former BT Super member statements will be issued from early November
   

Your annual statement will typically relate to the previous financial year (1 July – 30 June). However, if you joined Mercer Super after 1 July 2022, your annual statement will only have information from the date you joined, up to 30 June 2023.

For example, members who joined Mercer Super on 1 April 2023 as part of the BT Super transfer, will receive a statement for the period 1 April 2023 – 30 June 2023.

Depending on your communication preference, we will send you an email with a link to our secure online portal Member Online, or we will send you a letter with a paper statement. Once your statement is available you can access it any time by logging into your Member Online account and scrolling down to the ‘Account statements’ section.

If you encounter any problems while logging in to your online account please see our dedicated webpage for helpful info and a list of frequently asked questions.

You can update how you receive future annual statements by logging into your online account, and navigating to ‘Communication preferences’, located within the ‘Personal details’ section.

You can update your personal details, by logging into your Member Online account, and navigating to the ‘Personal details’ section.

Following the completion of the transfer of BT Super into the Mercer Super Trust on 1 April 2023 we welcomed nearly 600,000 new members, increasing our overall size to over 850,000 members. 
 
With the efficiencies gained by adding such significant scale to Mercer Super we were able to deliver meaningful fee reductions to members without compromising on performance or member services.

Fees deducted directly from your account include any dollar-based administration fees, insurance premiums, and if applicable, the Mercer Direct Portfolio fee.

You can find further information about the fees deducted directly from your account in the Product Disclosure Statement.

Fees deducted directly from your investment include any asset-based administration fees, investment fees, investment costs, estimated expense allowance range and transaction costs.

You can find further information about the fees deducted from your investment in the Product Disclosure Statement.

The figure for 30 June tells you the insurance cover amount you held for the 2022/23 financial year, whereas the 1 July figure shows the amount you hold for the 2023/24 financial year.

For further information on insurance, the types of cover we offer, access to a calculator that will help you determine the appropriate level of cover for your personal circumstances, as well as how to apply for cover, please visit our insurance webpage.

For further information on beneficiaries, including the benefits, the types of beneficiaries and how to make a nomination, please visit our beneficiary webpage.

If you have previously made after-tax contributions and claimed them as a tax deduction (converting them to a concessional contribution) they may not appear on your statement as a concessional contribution.

This is due to us still needing to report how the contribution was received. When we originally processed your notice of intent to claim a tax deduction we would have issued you a confirmation letter. If required as part of your tax return, you can provide this letter to either the ATO or your accountant.

The contribution amounts shown on your Mercer Super annual statement are specific to your Mercer Super account. 

If you held another super account throughout the 2022/23 financial year any contributions made to that account will not appear in your Mercer Super statement. For example, members who joined Mercer Super on 1 April 2023 as part of the BT Super transfer, may need to refer to their BT Super annual statement (available on Member Online) for contributions made prior to the period of 1 April 2023 – 30 June 2023.

To determine how much you contributed across all your accounts, you should review any relevant documentation relating to your other super account(s), in conjunction with your Mercer Super statement.

If you only held the one account throughout the financial year and you believe the contribution amounts listed on your statement are incorrect. Please contact our Helpline on 1800 682 525.

The Government’s temporary reduction in pension minimum drawdown rates ceased on 1 July 2023. As the Australian Government sets the pension minimum drawdown rates, we’re unable to set your pension payment amount below your calculated minimum payment.

For further information on the drawdown rates returning to normal, please see our dedicated webpage.

You can update your payment amount by either: 

•  logging in to your online account and editing your current withdrawal details on the ‘Withdrawals’ page. Please note you cannot elect an amount below the minimum payment, or 

• downloading and completing the Pension Variation form. Return the completed form to: Mercer Super Trust – Allocated Pension Division, GPO Box 4303, Melbourne, VIC 3001.

As a Mercer Super member, you have access to a range of financial advice services, including self-service tools and limited financial advice about your super, all at no additional cost.

You can also access comprehensive tailored advice at additional cost.

You can learn more about available financial advice services on our dedicated webpage.