Did you get a letter recently from your super fund about protecting your super?
In February 2019, changes proposed in the 2018 budget became law, and if action isn’t taken then inactive superannuation accounts could lose their insurance. The changes are due to commence from 1 July 2019, however there are steps you may need to take now to ensure the best outcome for you.
Protecting your super reforms coming into effect 1 July 2019
These reforms are designed to protect Australians’ retirement savings by ensuring their super isn’t unnecessarily eroded by fees and premiums on insurance policies they may not need.
If you are to be impacted by these changes you should have received a letter from your super fund which we encourage you not to ignore, or if you think this may impact you please contact your super fund to check.
Why is it important?