The Australian Government has introduced new laws known as the ‘Protecting Your Super’ package, which may affect the insurance and fees on your First State Super account. The new rules, which come into effect 1 July 2019, are designed to protect members from paying unnecessary fees and insurance premiums. The laws introduce three key changes to super:
- Insurance cover will be cancelled on inactive accounts unless you elect to opt in to keep your cover
- Inactive low-balance accounts will be transferred to the Australian Taxation Office (ATO)
- There will be a cap on fees for accounts with balances below $6000.
What’s an inactive account?
Your account is inactive if it has not received any money (contributions or rollovers) for 16 months or more.
What’s an inactive low-balance account?
Your account is an inactive low-balance account if it has not received any money (contributions or rollovers) for 16 months or more, it has a balance less than $6,000 and you have not met a condition of release. If you have made some other changes to your account over this period, then your account will be considered active and won’t be transferred.
The SuperNews - Autumn 2019 edition details the following important information about changes to:
- fees for accumulation and income stream members from 1 October 2018
- the work test from 1 July 2019.
The SuperNews – September 2018 edition details the following important information about changes to:
- concessional contributions for those with balances under $500,000
- application for early release of super under compassionate grounds
- co-contribution income threshold increase
- Federal Budget 2018
- complaints authority for super
- investment options update
The SuperNews – October 2017 edition details the following important information about changes to:
- investment asset allocations, frequency of negative returns and risk ratings
- how we disclose the fees and costs of your investments
- cut-off time for investment switch requests; and
- new transfer balance cap for retirement income stream members.
This notice explains important changes to the Diversified Socially Responsible Investment (SRI) option in relation to our positive and negative screens, and guidelines for our ‘strategic asset allocation’. You don’t have to do anything – this notice is for your information only.
The SuperNews – March 2017 edition details the following important information about changes to:
- tax treatment of investment earnings in a transition to retirement income stream;
- rules around tax deductions for personal contributions; and
- various superannuation rates and thresholds.
SuperNews - October 2016 edition (accumulation members)
SuperNews - October 2016 edition (income stream members)
The SuperNews – October 2016 edition details the following important information about changes to:
- Investment fees, objectives and MySuper return targets;
- standard risk measures;
- increase to the co-contribution income thresholds; and
- a new lifetime cap of $500,000 for after-tax contributions.
Members of the NSW Police Force receive death, terminal illness, total and permanent disablement and income protection insurance cover under Police Blue Ribbon Insurance. This notice explains changes which were made to Police Blue Ribbon income protection insurance cover on 1 October 2015. If you have claimed a Police Blue Ribbon income protection benefit after a waiting period which began 1 October 2015 or later, the important changes explained in this notice apply to your benefit.
Ambulance Officers’ Insurance cover is provided to eligible officers of the Ambulance Service of New South Wales (NSW Ambulance). This notice explains changes which apply to this important cover from 20 August 2016. If you are not an eligible officer, this Notice does not apply to you. Ambulance Officers’ Insurance Cover is supplementary to other insurance cover which you may have through First State Super. If you have other insurance cover through First State Super, this Notice does not apply to your other First State Super insurance cover.
The SuperNews – February 2016 edition details the following important information about changes to:
- investment fees and objectives;
- unit pricing model; and
- increase in threshold for accounts to be sent to the ATO.
The SuperNews – September 2015 edition details the following important information about changes to:
- fees, investment objectives and asset allocation;
- standard risk measures; and
- tightening of the age pension assets test.
This notice provides information regarding the review of the public sector executives (Ex-PSSES) insurance plan conducted by AMP, the Ex-PSSES plan insurer. Recommendation from the review have resulted in changes to premiums that take effect from 1 January 2015.
The SuperNews – September 2014 edition details the following important information about changes to:
- insurance category;
- strategic asset allocation;
- estimated investment fees;
- standard risk measures; and
- changes to child accounts.