Menu
Menu
FREE EDUCATION
On 1 July 2019, the government’s Protecting Superannuation Package introduces new laws designed to protect members’ superannuation from being eroded by unnecessary fees and insurance premiums.
BSc. Econ, BCom, MBus
Authorised Representatives of Millennium Three Pty Ltd
ABN 61 094 529 987
AFSL 244252
On 1 July 2019, the government’s Protecting Superannuation Package introduces new laws designed to protect members’ superannuation from being eroded by unnecessary fees and insurance premiums. The changes could mean that your insurance cover is cancelled. If the changes affect you and you want to keep your insurance cover you will need to take action now.
Insurance cover will be cancelled on inactive super accounts. Therefore, if your super account has been inactive for 16 months or more on 1 July 2019, then your insurance will be cancelled.
Your super account is inactive if it has not received any money (contributions or rollovers) for 16 months or more. Accounts in SMSFs, small APRA funds and defined benefit members are not affected.
Your last annual statement is a good place to find out whether you have insurance. Your statement will show your cover amount with details provided inside the statement. You can make contact with your super fund and provide them with your account details and they will be able to check for you.
To avoid your insurance being cancelled you must notify your superannuation fund before 28 June where you will be required to fill in a form to keep all your insurance cover; /or activate your super account by making a contribution or asking your employer to contribute to your super account before 28 June.
CONTACT US
Let’s Connect
If you want to meet over a coffee (practising safe social distance), we’re more than happy to do that too.
Our standard hours are Monday to Friday from 8am – 6pm
After hour appointments are available upon request.
Write to us and we’ll be in-touch soon.
Subscribe to our latest insights and updates
Perspective Wealth Management Pty Ltd
ACN 639 529 749
Trading as Luck Financial Group is a corporate authorised representative of Millennium3 Financial Services Pty Ltd
ABN 61 094 529 987 – AFSL 244 252
The information displayed on this communication is a summary only and should not be construed as investment advice or securities recommendations. It is prepared for general information and not having regard to any particular persons investment objectives, financial situation or needs. No recommendation (express or implied) or other information should be acted on without obtaining professional advice. You are encouraged to consult a financial planner before making any decision as to how appropriate this information is to your objectives, financial situation and needs. Also, before making a decision, you should consider the relevant Product Disclosure Statement available from your financial planner. This website is for Australian residents only.
Website by Studio Quatro