Protecting Your Super

Recently you may have heard about some changes that are soon to take place within your superannuation fund/s.

We feel that it's important to let you know what these changes mean and how you can act on this information to ensure that you continue to have insurance cover inside your super, should you wish to.

The Federal Government have passed the 'Protecting Your Superannuation Package' legislation.  This means that from 1 July 2019, super funds will cancel insurance on accounts that have not received any contributions or rollovers for a period of 16 months.

So essentially, if you want to keep the insurance, you must do one of four things:

• advise your super fund 
• contact your financial advisor
• make a contribution to your super fund
• rollover into your super fund   

It is important to make sure that you do not rollover or cancel any super funds containing insurance that have been inactive, without first making sure that your active/current super fund does have insurance in place.  Otherwise, you may find that you are not covered.  The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial planner.

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