The importance of up-to-date details

As I advise a lot of pre and post retirees, I see the importance of having your details up to date. This can be with everything through to MyGov, the ATO, Centrelink and your super fund. I come across clients from time to time where for example they may have a spelling error in their name with their super fund, a maiden name might still be showing or their preferred name is what is reflected on the superannuation account which in turn just causes delays.

When monies are moving between superannuation accounts, or when you are setting up income streams and/or withdrawing money from superannuation. Everything must match, there is quite a lot of security measures in place now and most superannuation funds will ask for certified ID documents – or run a digital ID check, then if something doesn’t match, you can’t get access to your funds until it does match.

In addition to having up-to-date details, it is always good to know where important documentation like passports and birth certificates are, this is because when you deal with government departments like Centrelink and apply for pensions, they may still ask for these documents with your initial application.

So next time you get your superannuation statement, or if you can login online, check everything is correct. Check your details and check your beneficiaries’ details also. Make sure everything matches to limit delays in the future when you or your beneficiaries’ might need access to funds quickly.