Many women will be affected by July 1 changes that will see insurance cover linked to inactive super accounts cancelled. If you’re on extended leave this may apply to you. Make sure you read letters from your fund and respond in time.
- Members lose their insurance if an inactive account of less than $6,000 is transferred to the ATO.
- Other Members will also lose insurance cover if their account is above $6,000 and has been inactive for 16 months – under Protecting Your Super legislation the fund must cut off that member’s insurance unless they take action.
Why you need to check your super before July 1. Under-the-radar changes to superannuation could impact many of Australians, including new mums: