For members: How to read your 2022/23 annual member statement

This will guide you through the key sections of your annual statement which shows what has been added and what has gone out of your Verve Super account between 1 July 2022 and 30 June 2023.

Take the time to read your statement through and consider how your retirement savings are going. If there is anything you want to change or update please contact us.

If you are short on time, take a look at:

Your personal detail (ensure they are up to date).
Your current balance and how much has come into and left your account (see Your Account Summary below for details).
How your funds have performed over the period (see Investment Performance below for more details).
What insurance you currently have within the Fund (see Your Insurance Details below).

Your account summary

What is it?

A snapshot of what you started with plus what’s been added (rollovers, contributions, investment returns) minus what’s gone out (taxes, withdrawals and direct fees). Anything in brackets means a deduction or loss.

What is my balance?

Your balance at the end of the last financial year is under ‘Closing Balance as at 30/06/2023’. Your current balance is displayed in the online member account.

How much money did I make?

See the figure next to ‘Investment Earnings’.

Accessing your super

What do the different benefits mean?

Preserved benefit means you can only withdraw this money if you meet a condition of release.
Restricted non-preserved benefits generally stem from employment-related contributions (other than employer contributions) made before 1 July 1999. You can access this component of your super if that employment has terminated.
Unrestricted non-preserved benefits are the funds in your account that you can withdraw without restriction.

Investment performance

Units held means the number of units you own. Verve Super is a unitised fund, which means that every time a contribution is made into your account, you are issued units in the Verve Super Balanced investment option. Your balance is therefore calculated as the number of units you hold, multiplied by the unit price on any particular day.

Unit price is the price (or the value) of a unit. The unit price is calculated every weekday and changes based on the value of the assets that Verve Super invests in, as well as the fees and taxes that are due and deducted from the value of the assets. The unit price is the same for every member.

What’s my return?

Your return is the amount you have earned or lost by having your super invested in Verve Super during the year. The percentage return is in the ‘Investment Performance’ section. It’s in dollars under ‘Investment Earnings’ in ‘Your Account Summary’.

Why is my personal return different to the Fund’s return?

The published return for the Verve Super Balanced investment option is based on a fixed sum invested for the whole financial year. In reality, your personal investment return may depend on:

how much was contributed to your account (e.g. contributions/rollovers in);
if there were any withdrawals from your account (e.g. rollovers out/partial withdrawals);
the timing and amount of those contributions/withdrawals;
your account balance at the beginning of of the period; and
your account balance at the end of the period.

Your insurance details

Verve Super provides insurance on an opt-in basis only, i.e., we do not automatically provide members with default insurance. If you have cover with us, it will appear in the Insurance Cover section and state your policy type and coverage amount.

You can read more about our insurance cover here. You can also see more information about our policy in our Insurance Guide.

Your beneficiaries

Beneficiary Details shows who you have nominated to receive a lump sum benefit in the event of your death. These nominations can be applied as non-lapsing binding or non-binding.

If you do not nominate a beneficiary, the Trustee of Verve Super will have the final say as to who should receive your benefits.

You can read more about how beneficiaries work on pages 8-9 of our Additional Information Booklet.

Total fees you paid

What fees did I pay and why?

Fees deducted directly from your account are the fees deducted directly from your account that appear in your transaction history. This represents the fixed-dollar fee ($60.00 p.a.).
Fees and Costs deducted from your investment include most of the percentage-based fees which are deducted when calculating your investment earnings figure. This includes the percentage-based administration fee (%) and the investment fees. These don’t appear in your transaction history.

This amount also includes indirect costs met by reserves and costs paid by third parties; these amounts are not deducted from your investment earnings but are a representation of the costs incurred to operate the fund.

You can read more about how fees and costs are now displayed in our Additional Information Booklet pages 17-18

Total Fees you Paid is all of these combined.

For any further questions, please reach out to our team at hello@vervesuper.com.au.

Disclaimer: Content published by Verve Superannuation Pty Ltd (ABN 65 628 675 169, AFS Representative No. 001268903), a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956, AFSL 238184).

All financial information provided is general and doesn’t take into account your personal financial objectives, situation or needs. It’s important to do your own research and consider getting in touch with a professional adviser to access specific information tailored to your own unique situation.

Interests in Verve Super are issued by Equity Trustees Superannuation Limited (ABN 50 055 641 757, AFSL 229757, RSE Licence L0001458) as trustee of the Future Super Fund (ABN 45 960 194 277, RSE Registration No R1072914). Verve Super is a division of the Fund. Check out the PDS and TMD available at www.vervesuper.com.au before making a decision to acquire, hold, or continue to hold, an interest in Verve Super.