Protecting your super

From 1 July 2019, legislative changes mandated by the Government and known as the Protecting Your Superannuation Package will come into effect. The aim of these changes is to ensure members’ super balances are not eroded by unnecessary insurance premiums and fees. The changes include:

  • The cancellation of insurance when an account has been inactive for more than 16 months, unless the member chooses to keep their insurance.
  • Consolidation of multiple accounts that a member may hold by transferring inactive accounts with a balance less than $6,000 to the ATO.
  • Protection of low balance super accounts by implementing a 3% fee cap and abolishing exit fees.

We’re pleased to be able to advise that the changes relating to fee caps and exit fees do not impact any EISS Super members. We are one of the lowest cost funds in the market1 and we have already removed exit fees.

If you are or if you may become impacted by the other changes we will notify you directly and advise you of your options in relation to these matters. We encourage all affected members to carefully consider their options and call us if you have any questions or concerns. 

More information about these changes is available at eisuper.com.au/sen.

1 Super Ratings ‘Top 10 lowest fees’ June 2018