On 1 July 2019, the Government’s Protecting Your Super package introduces new laws designed to protect members from paying unnecessary fees and insurance premiums.
You might hold insurance through your super fund and if you do, it might be cancelled if you or your employer haven’t made a contribution for the last 16 months. So it’s worth checking whether you’re affected.
The easiest way to know if you’re affected is to open and read any letters, emails or SMS messages you receive from your super fund.
If you haven’t received any communication, but think you should have, reach out to your fund – they may have been trying to contact you at an old address.
You might not have to do anything, but it’s a good idea to check – your future self will thank you!
To help break down what’s happening and what it could mean for you, check out this simple animation to take you through the changes and how to check if you’re affected.
If you have queries or want more information, please reach out before it's too late.
Source: https://timetocheck.com.au/
This public awareness campaign has been jointly developed by the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC) on behalf of Australian superannuation funds and life insurers.