What is Protecting Your Super?
Protecting Your Super refers to a legislative package designed to protect superannuation members with a low balance account from erosion by fees and insurance premiums, and to help people avoid having multiple super accounts they didn’t know about.
The Federal Government’s Protecting Your Super package came into effect on 1 July 2019.
Under these changes, there are two separate components in relation to inactivity.
- Accounts which have insurance attached to them and have remained inactive for 16 months may have the insurance cancelled.
- Inactive low-balance super accounts may be transferred to the ATO and, where possible, consolidated into active accounts.
You can learn more about the rules around inactivity and how the Protecting Your Super laws may affect you on the ATO website and the APRA website.
The dates for super funds to report inactive low balance accounts each year are 30th June and 31st December.