On 1 July 2019, the government rolled out measures to further protect super from unnecessary insurance premiums and fees.
As a super fund established to benefit members, we welcome these additional protections. We encourage you to compare the value of our insurance with offerings from other providers. If you are a member of more than one fund, you should also consider how paying multiple fees will impact your retirement savings.
Here’s a reminder of what’s changed.
Accounts with balances under $6,000 that have been inactive for 16 months must be transferred to the ATO. Within 28 days of receiving your super, the ATO will transfer it to an active super account.
If you don’t have an active account, the ATO will hold your super until you claim it. Although safe, super held with the ATO will only earn interest based on the Consumer Price Index.
If you want to keep your account active, do one of these things:
- Make a contribution to your account (personal or employer).
- Opt-in to insurance via MemberAccess.
- Make an investment choice (e.g. switch).
- Nominate a binding beneficiary.
- Roll super into Club Plus Super to make your account balance at least $6,000.
- Authorise us to keep your account active by completing the ATO declaration form.
All super funds must now cancel insurance held in accounts that haven’t received contributions for at least 16 months, unless you request to continue cover.
Rest assured, we will make every attempt to contact you before cancelling any insurance.
Super funds can no longer charge an exit fee if you leave them or make a partial withdrawal.
In addition, annual administration and investment fees can’t exceed 3% of account balances under $6,000.
Your balance is calculated at the end of the financial year.
If you would like to know more, please call our Contact Centre on 1800 680 627.