The Protecting Your Super legislation focused on protecting low balance inactive super accounts and the Putting Members Interests First legislation ensures members’ super balances are not eroded by insurance premiums.

At a high level, the changes affect members:

• with account balances of $6,000 or less
• who are aged under 25
• have not elected to keep the insurance they have associated with their account, or
• have not made a contribution or roll-in to their account for at least 16 months

If you’re directly impacted by any of these changes, we will have already contacted you or will notify you in writing so you have time to consider the changes and take action.

Protecting Your Super

The key elements of the Protecting Your Super legislation are:

• ‘Inactive’ low balance accounts will be transferred to the Australian Taxation Office if the account balance is under $6,000 and no contributions or roll-ins are received for at least 16 months
• Fees on accounts with a balance of less than $6,000 are capped at 3 percent per annum
• Insurance on inactive accounts will be cancelled unless the account holder elects to keep their insurance or reactivates their account by making a contribution or rollover.

Inactive low balance accounts transferred to Australian Taxation Office

If an account has less than $6,000 and no contributions or roll-ins have been made for 16 months or longer, the account is considered 'inactive' and the funds will be transferred to the Australian Taxation Office (ATO).

If you have an account which falls into this category you can take action to stop it from being transferred to the ATO. To 'reactivate' your account with TelstraSuper you must take at least one of these actions:

• complete this online form or
• make a contribution or roll-in to your account
• change your investment options
• change your insurance cover
• make or amend a binding death benefit nomination
• notify the Australian Taxation Office (ATO) in writing that the account is not to be considered inactive

If your account is at risk of being transferred to the ATO we will contact you so you can take action should you wish to keep your account active with TelstraSuper.

INACTIVE LOW-BALANCE ACCOUNT AUTHORISATION ONLINE FORM

Fees on low balance accounts capped

If you have an account with a balance of less than $6,000 applicable fees will be capped at 3 percent per annum. Any excess fees charged above the cap will be refunded.

Insurance to be cancelled on inactive accounts

Insurance will be cancelled on accounts which are deemed 'inactive'.

Accounts that have received no contributions or roll-ins for a continuous period of 16 months are considered inactive and any insurance will be cancelled unless the member notifies us that they wish to keep this insurance.

If your account is inactive, and you’re at risk of losing your insurance, we’ll notify you in writing before cancelling your insurance. You can elect to keep your insurance or you can reactivate your account by making a contribution or rollover.

Members with TelstraSuper RetireAccess accounts can’t make a contribution but they can make an election to keep their insurance.

Elect to keep your insurance cover

Complete the online form to elect to keep the insurance cover you have now and in the future.

COMPLETE THE INSURANCE ELECTION FORM

Putting Members’ Interests First

Insurance is provided on an ‘opt-in’ basis for the insurance a member pays for themselves for:

• new and transferring members whose account balance is under $6,000 or
• new and transferring members who are under 25 from 1 December 2019.

To check all of the details about your super, including insurance, refer to the relevant Product Disclosure Statement and Insurance Guide.

• Corporate Plus PDS
• Corporate Plus Insurance Guide
• Personal Plus PDS
• Personal Plus Insurance Guide

COMPLETE THE INSURANCE ELECTION FORM

Getting help

You can check your insurance cover by logging in to SuperOnline or checking the TelstraSuper mobile app. TelstraSuper Financial Planning has a team of dedicated Advisers who can review any insurance cover you have and answer your questions. Phone advice about your insurance is included in your membership and won’t cost you anything extra. They can be contacted on 1300 033 166.