From 1 July 2019, the government’s Protecting Your Super package takes effect. The new laws are designed to protect super fund members from paying unnecessary fees and insurance premiums.

The changes could mean that your insurance cover is cancelled, or that your account is 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. 

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What are the new rules and do they affect me?

From 1 July 2019, once your account has been inactive for 16 months or more, then your insurance will be cancelled.  

 What’s an inactive account?

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

 How do I know if my account is inactive?

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.

 How do I know if I have insurance?

Your last annual statement is a good place to find out whether you have insurance. Your statement snapshot on the front page shows your cover amount, with details provided inside the statement.

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

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

If your account has been inactive for 16 months or more on 1 July 2019, your balance is less than $6,000 and you are under age 65, then your account will be transferred to the 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.  

What’s an inactive low-balance account?

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 to your insurance, or
  • made a binding beneficiary nomination

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

How do I know if I have an inactive low-balance account?

To check if your account is inactive, log in and go to your transaction listing. All transactions 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.

Where do I find my account balance?

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.

What happens if my account goes to the ATO?

If your account is transferred to the ATO, they will 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, 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.

If your balance is less than $6,000, you will not be charged more than 3% in administration and investment fees each year. In addition, exit fees are no longer allowed. First State Super removed exit fees for super accounts on 1 October 2018.

 Where do I find my account balance?

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 these details. 

What do I need to do?

You have three options:

1. Opt in to keep your cover

You can opt in for insurance cover by either:

Your opt in does not expire.

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.

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 into your online account.

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.

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 cover

You can opt in for insurance cover by either:

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.

5. Make or change a binding beneficiary nomination

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

You don’t need to do anything — we will make sure the 3% fee cap is applied to your account.  

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