You now need to tell us if you want to keep your insurance and super with us.

The new government rules are designed to help protect your super from fees and insurance premiums when your super is below $6,000 or if it hasn’t received contributions for 16 months or more. This is how these new rules could affect you.

Your insurance could be cancelled if you don’t tell us you want to keep it

This would happen if:

  • your super balance stays below $6,000 between 1 November 2019 and 1 April 2020. Your insurance would be cancelled on 1 April 2020 unless your balance increases to $6,000 or more during that time or you tell us you want to keep your existing insurance,
  • your account remains inactive for 16 consecutive months, regardless of how much money you have in your super account.

Want to keep your existing insurance?

Login to your account, follow the link to Insurance Express Online. From there,  select ‘Keep my existing insurance’.

Login now to 'keep my existing insurance'

Alternatively, you may download and complete the 'insurance opt-in election form'. Return the completed form to us at First State Super PO Box 1229 WOLLONGONG NSW 2500.

Important: Members who have previously told us 'you want to keep your insurance', you won’t need to take any action. (You would have done this using the ‘Insurance opt in election’ form or by logging in and going to ‘Insurance Express’).
 

Your super could be transferred to the ATO

This would happen if your super balance drops below $6,000 AND your account becomes inactive – ie it doesn’t receive any contributions for 16 months or more.

You can activate your account by:

  • making a contribution or rolling over money from another of your super accounts*
  • changing or cancelling your existing insurance*
  • updating or making a binding beneficiary nomination
  • making a change to your investment options, or
  • telling us you don’t want your super transferred to the ATO.

We will contact you if any of these things look likely to happen, but it’s a good idea to tell us what you’d like us to do now.

Don’t transfer my super to the ATO

Why is this happening now?

Rules affecting your insurance

The government has introduced legislation to help protect your super. It’s designed to make sure your super isn’t reduced by insurance arrangements that might not be right for you.

If you have insurance through your super account, you will need to let us know if you still want to keep your insurance if your balance is below $6,000 between 1 November 2019 and 1 April 2020 or if your account doesn’t receive contributions for 16 months or more.

Rules affecting your super if the balance is less than $6,000

As well as affecting your insurance, the legislation is designed to protect you from paying more in fees than you need. If your account has less than $6,000 and is considered to be ‘inactive’ we must transfer your super to the ATO. They will then try to combine the balance of your low-balance account into an active super account.

Frequently Asked Questions

1. You need to tell us you want to keep your insurance by completing the ‘Insurance opt in election’ form, either online or by filling in a form by 31 March 2020:

a. Online formLogin to your account, go to the Insurance page, select Insurance Express Online and then ‘Keep my existing insurance’

b. Paper form - Download the Insurance opt in election form, fill it in and send it back to us at First State Super PO Box 1229 WOLLONGONG NSW 2500.

By opting in, you’re choosing to keep all your insurance. If you only want to keep some of your insurance, you should opt in and then call us to cancel any insurance you no longer need.

2. Combine other super you have into your account to bring your super balance above $6,000.

Use our ‘find and combine’ tool to combine any super you have with another fund into your account with us.

1. Authorise us to notify the ATO

You can authorise us to advise the Australian Taxation Office (ATO) that your account is active, and that you would like to keep your super with First State Super.

Simply complete the Inactive low-balance account authorisation form and send it back to us. We’ll then notify the ATO on your behalf and your account will remain with us.

2. Make a contribution into your account

You can activate your account by adding money* to your super:

a. ask your employer to pay your SG contributions into your account

b. make a personal contribution - the easiest way is using BPay®. You’ll need our Biller code (736850) and your customer reference number (available online and in your statement), or

c. Combine other super you have into your account with us - use our find and combine tool to find your other super.

3. Tell us you want to keep your insurance with us

You can activate your account by telling us you wish to keep your insurance* with us by filling in a form:

a. Online formLogin, select Insurance Express Online and then ‘Keep my existing insurance’

b. Paper form - Download the Insurance opt in election form, fill it in and send it back to us at First State Super PO Box 1229 WOLLONGONG NSW 2500.

Worth knowing: By opting in, you’re choosing to keep all your insurance. If you only want to keep some of your insurance, you should opt in and then call us to cancel any insurance you no longer need.

Your account is inactive if it has not received any money (contributions or rollovers) for 16 or more months in a row.

You can activate your account by:

  • making a contribution or rolling over money from another of your super accounts*
  • changing or cancelling your insurance*
  • updating or making a binding beneficiary nomination
  • making a change to your investment options, or
  • telling us you don’t want your super transferred to the ATO.

To check the status of your account, log in and go to your transaction listing. All transactions will be listed, so look for the last date of a contribution (either yours or your employer’s) or a rollover from another fund. If this transaction was over 16 months ago, then your account is inactive. Within 16 months and your account will be active, however if there are not contributions coming in you might want to tell us if you’d like to keep your insurance and super with us.

Your last annual statement will show whether you have insurance. Your statement snapshot on the front page shows you how much insurance you have and provides more details later in the statement.

If you have registered for online access, you can log in and check your insurance online, or give us a call.

You can reduce or cancel your insurance at any time either over the phone, or by logging in to your account. If you intend to keep some of your insurance, it’s best to opt in before reducing it.

If your insurance is cancelled, you can re-apply but it’s possible your application may not be accepted by our insurer, or different terms may apply. 

If your account has been inactive for 16 months or more, your balance is less than $6,000, and you’re under age 65, then your account will be transferred to the Australian Tax Office (ATO) as ‘unclaimed super’.  This happens twice a year:

Account identified as inactive Last date you can activate your account Your super is transferred to the ATO
30 June 30 September 31 October
31 December 20 March 30 April

Where possible, the ATO will consolidate this balance into an active account you hold with a super fund. 

An inactive low-balance account has not received any money (contributions or rollovers) for 16 months or more, and has a balance less than $6,000.

If, over this period, you do any of the following your account will be ‘active’ and won’t be transferred to the ATO:

  • made a contribution or rollover into your account
  • switched investment options
  • made a change or cancelled your existing insurance
  • made or changed a binding beneficiary nomination, or
  • gave us authority to notify the ATO.

If you don’t have online access to your account, you can register now.

Once you have registered, return to this Keep my insurance page and follow the steps above.

If your account is transferred, the ATO will look for an active account you may have with another super fund so they can combine the accounts.

If you don’t have super in another fund or if the ATO is unable to transfer the money to your account, then your account will be held in ATO, earning interest based on the consumer price index, which may be less than the investment returns you might earn in your super fund.

If you have an active account with another fund, you need to think about which fund you want to be in before your account is transferred. This means comparing things like fees, investment options, performance, and support services. Choosing the right fund can make a big difference to your retirement savings. Find out what we offer or combine your super.

To check your account balance, you can use the app (link to the app page) or log in to your account. Keep in mind your balance changes from day to day. You can also call us and we will give you your account and transaction details.


*You should check the fees, charges, any benefits such as insurance held with your other fund(s) and any tax implications arising from a rollover or transfer before making a decision about First State Super.