The government’s Protecting Your Super (PYS) rules have been designed to help protect your super from paying unnecessary fees and insurance premiums when your super account becomes ‘inactive', or you have a balance less than $6,000.
Your account is considered ‘inactive’ if we haven’t received any money in your account for 16 consecutive months or more.
Your insurance could be cancelled
This would happen if your account remains inactive for 16 consecutive months, regardless of how much money you have in your super account.You can activate your account by making a contribution or rollover into your super, or you can tell us you want to keep your insurance with us by opting in.
We will contact you if your account is identified as inactive, but it’s a good idea to tell us now if you would like to keep your insurance.
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 Aware Super GPO BOX 89 Melbourne VIC 3001.
Important: If you have multiple account with insurance cover, you will need to complete the 'insurance opt-in election form' for each account.
Rules affecting your super if the balance is less than $6,000 (Inactive Low Balance Account)
If your account has a balance less than $6,000 and is considered ‘inactive’, we must transfer your super to the ATO. They will try to consolidate this ‘inactive’ account with an active super account you have with another fund. This legislation is designed to protect you from paying more in fees than you need to through having multiple accounts.
We will contact you if your account is identified as inactive low balance, but you should check your super balance regularly.
Your super could be transferred to the ATO 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 so that it won’t be transferred to the ATO by:
- making a contribution or rolling over money from another super fund
- updating or making a binding beneficiary nomination
- making a change to your investment options, or
- submitting an ILBA authorisation form.
We will contact you if your account is likely to be transferred to the ATO.
Don’t transfer my super to the ATO
Changes to super fees
From 1 July 2019, super funds are no longer permitted to charge exit fees.
Also from this date, there is a 3% cap on passive fees charged by super funds annually on accounts with balances below $6,000.
Frequently Asked Questions
*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 Aware Super.