Protecting your super: What you can do
27 June 2019
5
min read
Your super is a big deal. From 1 July, the government’s Protecting Your Super package will introduce new measures to help protect your superannuation balance.
The government’s Protecting Your Super package introduces a number of initiatives to protect retirement savings. Here are some things you need to know, and some actions you can take.
Some accounts will transfer to the ATO
If your account balance is less than $6,000 and is considered to be ‘inactive’, your account might transfer from QSuper to the Australian Taxation Office (ATO).
If your account does transfer, the ATO will then attempt to match it up with any active super account that you have.
If you would prefer to stay with QSuper, you can easily consolidate other accounts that you have. Before you consolidate your super, you should check with your other super funds about any fees or loss of insurance or other benefits.
| Consolidate in minutes |
|
1. Log-in or register for Member Online. To register you’ll need your Client ID.
|
2. Select Consolidate with QSuper from the
Quick links list on the right, provide your
details and we’ll consolidate your accounts.
|
Your insurance cover may be cancelled
If you have insurance cover in your account, there are circumstances where it may be cancelled.
Your death cover, total & permanent disability (TPD) cover and income protection cover will end:
- When we have not received any money into your account for 13 months
- if the balance of your account would reduce to less than $0 after a premium payment.
If you want to retain your insurance and QSuper has not received any money in to your account, you can permanently opt in to cover.
How to permanently opt in to cover
Log in to Member Online and select 'I want to permanently opt in to cover'
OR
Send us a completed Change of Insurance form
Your cover will still be cancelled if the balance of your account would reduce to less than $0 after a premium payment.
New caps on fees
Under government legislation, if your account balance with a superannuation fund is less than $6,000 at the end of the financial year (30 June 2019) or on exit, the total combined amount of administration and investment fees, and indirect costs that can be charged to you is capped at 3% of your account balance as at 30 June 2019 (or for the proportionate period if you exit.)
Any amount charged in excess of this cap must be refunded within three months of the end of the financial year .
We believe in keeping fees simple and transparent. Find out more about QSuper’s fees.
Be invested
Knowledge is power, and planning your best future means being invested in outcomes today. Take the time to learn more about your QSuper account.
1. QSuper Balanced Option only. SuperRatings SR50 Balanced Index (60-76) median based on cumulative returns compounded annually after fees and for initial $50,000 invested over the period to 28 February 2019. Based on funds open to the public. Past performance may not be a reliable indicator future performance.