The laws introduce three key changes to super:
1. Insurance cover will be cancelled on inactive accounts unless you elect to opt in to keep your coverShow more
If your super account has not received any money (contributions or rollovers) for 16 months or more, your account will be considered ‘inactive’ and any insurance cover will be cancelled, unless you opt in to keep it.
We will let you know you when your account has been inactive for 9, 12 and 15 months, and show you how you can opt in to maintain your insurance with us.
I want to login and opt in now toFrom the Insurance details page, click Insurance Express Online and on the next page, click ‘Elect to keep cover’.
Don’t have online access to your account?
If you don’t have online access to your account, you can register now.
Once you have registered, return to this Protecting your super page and follow the steps above.
If you opt in, all your cover will continue unless you cancel it, you reach the maximum insurable age, or you don’t have enough money in your account to pay the insurance premiums.
2. Inactive low-balance accounts will be transferred to the Australian Taxation Office (ATO).Show more
If you have an inactive low-balance super account with us, it will be transferred to the ATO and treated as ‘unclaimed super’. Where possible, the ATO will try and consolidate this balance into an active account you have with another fund.
Your account is considered an ‘inactive low-balance account’ if:
- the balance is less than $6,000
- it has been inactive for 16 months or more (no contributions or rollovers have been received), and
- you have not met a condition of release and can now access your super (such as reaching age 65).
Your balance will not be transferred to the ATO if in the previous 16 months you have:
- made a contribution or arranged for your employer to contribute to your account
- combined your super accounts so your balance is $6,000 or more
- switched investment options
- authorised us to notify the ATO on your behalf that you want to keep your inactive account with First State Super by completing the . Your authorisation lasts for 16 months.
- made a change to your insurance, or
- made a binding death benefit nomination.
We will let you know you if you are affected before your account is transferred so you can keep your account with us.
Alternatively, please complete the and send it back to us. We’ll then notify the ATO on your behalf and your account will remain with us.
3. There will be a cap on fees for accounts with balances below $6,000.Show more
There will be a 3% cap on administration and investment fees on accounts with balances below $6,000. In addition, exit fees are no longer permitted on these accounts. First State Super removed exit fees on 1 October 2018.