INACTIVE SUPER ACCOUNTS FROM 01 JULY 2019
You’ve probably seen this advertised by now, but one of the changes that has come about of the Royal Commission is that from 01 July 2019, any super account which has not received a contribution or rollover in the last 16 months will be considered inactive and providers will be required to cancel any insurance cover within them.
In order to keep your cover, you have an option to ‘opt-in’ to it, which is available through your super provider. Your provider will have needed to receive notification from you before 01 July or your insurance may be cancelled, depending on when your account was last considered ‘active’.
If your insurance is cancelled through this process and your balance is less than $6,000, the account will be transferred to the ATO and they will attempt to then transfer it to another of your active accounts.
Now is a great opportunity to review your insurance needs, to determine you have adequate levels of cover and that what you have is a good quality contract and cost effective for your situation.
We welcome the opportunity to review this for you.