Under superannuation rules, member account balances are protected from erosion by fees and insurance premiums if the account is inactive or has a low balance.

The rules mean that:
Your insurance cover could be cancelled  Your account could be transferred to the Australian Tax Office (ATO)

If the changes affect you and you want to keep your insurance or keep your account with us, you will need to take action. 

Could my insurance cover be cancelled? 

From 1 July 2019, once your account has been inactive for 16 months or more, then your insurance will be cancelled. We will contact you when your account has been inactive for 9, 12 and 15 months to give you time to make your account active and keep your insurance. 

Your account is inactive if it has not received any money (contributions or rollovers) for at least 16 consecutive months. 

To check if your account is inactive, 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.

You can also call us and we will give you these details. 

Your last annual statement will show whether you have insurance. Your statement snapshot on the front page shows your cover amount and details are provided inside the statement.

If you have registered for online access, you can log in and check your account online.

You can also call us and we will give you these details. 

There are three ways you can keep your insurance cover with us. 

1. Opt in to keep your cover

If you choose to opt-in, you will keep all your insurance. If you only want to keep part of your cover, you should opt in and then call us to cancel any cover you no longer need.

a. Fill in our insurance opt-in election form

Download and complete our Insurance opt-in election form and mail it to us.

b. Submit an opt-in request online

Enter your Login details. From 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. 

2. Make a contribution to your account

Activate your account by making a contribution or asking your employer to contribute to your account. The easiest way to contribute is via BPay®.

Biller code: 736850
Customer reference number: log in to your online account or check your latest statement

If you make a contribution, your account will be considered active for the next 16
months. 

3. Combine your super into your account with us

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

If you roll money in from another fund your account will be considered active for the next 16 months.

You can reduce or cancel your insurance cover at any time over the phone or by logging in to your account online. If you intend to keep some cover, please ensure you opt in before reducing your cover.

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. 

 

Could my account be transferred to the ATO? 

If your account has been inactive for 16 months or more on 1 July 2019, and your balance is less than $6,000, and you are under age 65, then your account will be transferred to the Australian Tax Office (ATO) as ‘unclaimed super’ by 31 October 2019.

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

However, if your account becomes active between 1 July 2019 and 30 September 2019, it may not be transferred.  

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

But if, over this period, you have:

  • switched investment options, or
  • made a change or cancelled your insurance, or
  • made or changed a binding beneficiary nomination, or
  • given us authority to notify the ATO your account is 'active'

Then your account will be considered active and it won’t be transferred. 

There are five ways to keep your account with First State Super and stop it being transferred to the ATO.

1. Notify the ATO

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

Simply complete the Inactive low-balance account authorisation 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 to your account

Activate your account by making a contribution or asking your employer to contribute to your account. The easiest way to contribute is via BPay®.

Biller code: 736850
Customer reference number: log in to your online account or check your latest statement

3. Combine your super into your account with us

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

4. Opt in to keep your insurance cover

You can opt in to retain existing insurance cover by either:

  • submitting an online request by logging into your online account. From the Insurance details page, click Insurance Express Online and on the next page, click ‘Elect to keep cover’. or,
  • filling in the Insurance opt-in election form and mailing it to us.

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 cover you no longer need.

If you choose to opt-in, you will keep all your insurance. If you only want to keep part of your cover, you should opt in and then call us to cancel any cover you no longer need.

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. 

5. Make or change a binding beneficiary nomination

If you make a binding beneficiary nomination, or change an existing binding nomination, your account will no longer be inactive.

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

If you don’t have another fund or if the ATO are unable to transfer the money to your account, then your account will be managed by the ATO. The ATO won’t charge fees but any interest you earn will be based on the consumer price index, which will probably be less than the investment returns earned by 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 if your account is inactive, log in and go to your transaction listing. All transactions (except binding beneficiary nominations) will be listed on this page so look for the last date of a contribution (either yours or your employer’s) or a rollover from another fund.

To check your account balance, you can log in to your account online. Keep in mind your balance changes from day to day.

If you prefer, call us and we will give you your account and transaction details.