Key takeaways

• Reviewing investment options after joining helps members understand where their super is invested and whether it still suits their situation.
• Checking insurance cover early allows members to confirm what cover is in place and make changes if their needs have changed.
• Making sure employer and personal contributions are set up correctly helps ensure super payments are going into the right account.
• Rolling multiple super accounts into one can simplify management and reduce the impact of paying fees across different funds.
• Keeping personal details, beneficiaries and preferences up to date, and using online access, helps members stay on top of their super over time.

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Your super member checklist

This super member checklist explains what to do after joining our super fund. We share simple super account setup steps to help you get the most out of your BUSSQ account and prepare for retirement.

1. Review your investment options

Whether you’re saving for retirement or already retired, the investment choices you make today, and how you adjust them over time, can make a real difference. With our Foundation + Flex investment approach, you can choose how your super is invested.

Checking your investments helps ensure your investment option remains appropriate for your circumstances and retirement goals. To see where your super is invested, log into your BUSSQ Member Online account and head to the Investments section.

• We offer a range of investment options, so you can choose an investment strategy to suit your personal goals. For further information visit Investment Options or Changing Investments
• ‍Think about risk and time: Use BUSSQ’s investment risk calculator or talk to us to help align your risk versus return based on how long you've got till retirement.

2. Check your insurance cover

Having insurance through super can be a smart way to look after yourself and your family. Check out our types of cover to make sure you have what you need.

• Default cover: As a Manual worker, when you join BUSSQ you’ll receive Total and Permanent Disablement (TPD) cover automatically, no medical checks needed. You will be eligible for Default cover as long as you meet the eligibility requirements set out in the Insurance Handbook.
• Extra cover: You can also apply to add more insurance, like Income Protection or additional Death and TPD cover. When your circumstances change, the amount of insurance you need may also change. It’s important to check your insurance regularly and consider whether it still meets your needs, especially if your life situation shifts, like getting married, having kids, buying a house, or a new job.
• Figure out what you need: Use our Insurance Calculator to help work out how much cover is right for you. Also read our Insurance Handbook to find out what's included what's not, eligibility criteria and conditions, and how your cover might change as you get older. You can also call us and we can help you understand the options available to you and how to make any changes to suit your needs.

It's really important to check your insurance, because you may need to apply for cover, or the default cover might not meet the needs of you and your family. Insurance is subject to eligibility. See the PDS and Insurance Handbook for more information.

3. Think about your contributions

Making contributions to super may help increase your retirement savings over time. Here are some of the main ways money can be added to your account:

• From your employer: You can provide your employer with your BUSSQ details and a Choice of Fund form. You can check your employer is paying Super Guarantee contributions into your BUSSQ account via Member online.
• From you: You may choose to make additional contributions to your super. These can include pre-tax contributions, such as salary sacrifice, or after-tax contributions. Depending on your circumstances, these options may help increase your super balance over time.
• Watch the limits: Keep an eye on yearly contribution caps to avoid paying additional tax. Our guide to Super Contribution Caps can help explain how these limits work.

Important: There are limits on how much you can contribute to super each year to avoid paying additional tax, our guide to Super Contribution Caps can help explain how these limits work. If your combined income and before tax contributions are more than $250,000 a year, you may pay an additional 15% tax on some or all of your super contributions.*

4. Roll in your other super accounts

Having a bunch of super accounts often means you're paying fees on each one, which can eat into your super for later.

• Find and combine your super: Use BUSSQ’s Supersearch tool in your online account to locate other super accounts. Combining accounts may reduce fees and make your super easier to manage.
• Before combining your super: consider any insurance or other benefits you may have, see the Combine your Super Factsheet.

5. Update your details and beneficiaries

Keeping your personal info up to date helps ensure you receive important communications and nominating a beneficiary helps ensure that your super goes to the right person if anything happens to you.

• Your contact details: Always keep your address, email, and phone number up to date so you receive your statements and important notices.
• Who gets your super if you pass away: It's a good idea to consider nominating your beneficiaries and who will receive your super and any insurance money if you pass away. You can make a binding nomination by completing the binding death benefit nomination form. Watch the video to find out more.

6. Get the most out of online access

Your BUSSQ online account is the easiest way to keep an eye on your super, whenever and wherever you like.

• Easy access: If you haven't already, sign up for Member Online. Once you're in, you can check your balance, update your personal details, change your investments, and review your insurance cover.
• Quick check-ins: It's a good idea to regularly check your insurance, investment choice and if your contributions are correct. Keeping on top of all this can help to ensure your retirement is as comfortable as it can be.

7. Ask for advice and support

You don't have to go it alone with your super. The BUSSQ team offers a range of educational resources, tools and advice options.

• Talk to a Financial Planner: BUSSQ Financial Planners can explain your advice options and, where appropriate, provide personal financial advice about superannuation, insurance, investments and retirement planning.^
• Use our tools and resources: Explore BUSSQ’s articles, calculators, and videos , to help build your understanding of super, investments, and insurance.
• Attend a seminar or event: You don’t have to be 50 to come to a retirement information session.  The earlier you understand how super works, the more informed you'll be when making future decisions.

8. Do an annual super health check

A regular review helps ensure your super arrangements remain appropriate as your circumstances change.

• Set retirement goals: The ASFA Retirement Standard provides an indication of how much income different lifestyles in retirement may require. Understanding your goals can help when reviewing your contribution and investment choices.
• Use online tools: The BUSSQ calculators can help you estimate and plan for retirement, understand what type of investor you are, and determine your insurance needs.
• Review after major life events: Significant changes such as marriage, having children, changing jobs or buying a home can be a good time to review your investments, insurance and beneficiary nominations.

Count on BUSSQ for support throughout your super journey

As you begin your journey with BUSSQ, you'll have access to a fund that has supported workers in building and construction for more than 40 years. As an industry super fund, BUSSQ invests profits back into services and benefits for members. This checklist can help you get your account set up and understand the choices available to you from day one. If you need assistance, contact the BUSSQ team on 1800 692 877.

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FAQs

What should I do after joining BUSSQ?

Start by reviewing your investment options, checking your insurance cover, making sure contributions are set up correctly, consider consolidating super accounts, update your personal details, nominate beneficiaries, and getting online access to manage your super.

How do I check my investment options with BUSSQ?

Log into your BUSSQ Member Online account and go to the “Investments” section. You can see where your money is invested at no cost.

How can I check if I have insurance cover?

Check the type and amount of cover through your Member Online account. You can also use the Insurance Calculator or contact BUSSQ for guidance.

How do I set up contributions to my super?

Fill in the Choice of Fund form and provide it to your employer. You can also make extra contributions, either pre-tax (salary sacrifice) or after-tax. Contribution caps and eligibility rules may apply, so it's important to understand the limits before making additional contributions. See our How Can I Grow My Super? 6 Tips | BUSSQ page for more information.

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