From 1 July 2019, you may lose your insurance benefits if your superannuation account inactive for 16 consecutive months.
What are the changes?
From 1 July 2019, new 'Protecting Your Super' legislation comes into effect. These rules prevent super funds from providing insurance cover to a member whose superannuation account is inactive, unless the member specifically elects to keep their cover. For these rules, an account is considered 'inactive' if it has received no contributions or rollovers for 16 consecutive months.
What do you need to do?
Please check if you have insurance cover through your ARC or ARC Classic account, either via your account online or on your statement. It's important to consider whether your type and amount of cover is right for you at this time.
If you are at risk of losing your insurance, we would have sent you a letter and an Investment Election Form. If you wish to maintain your insurance cover even if your account is inactive, please complete the Insurance Election Form or make a contribution or rollover before the specified date in your letter
Remember, if you have more than one superannuation account with us, you'll need to make an election for all accounts where you want to keep your insurance cover.