PROTECT YOUR SUPER
On 1 July 2019, 'Protecting Your Super' legislation came into effect that requires us to cancel a member's insurance cover if their account has been inactive (no contributions or rollovers received) for 16 months or more, unless they elect to keep their cover. The Protecting Your Super legislation aims to ensure that members are not paying for insurance in super that they don’t know about, or premiums that unnecessarily erode their super savings.
If your account is inactive and you take no action or simply do nothing, after 16 months your insurance cover will cease automatically and insurance premiums will no longer be deducted from your BUSSQ account.
If you want to maintain your insurance cover, reinstate cancelled insurance cover, or cancel your insurance cover, you can take one of the following steps:
Unsure whether to take action?
If you are unsure about whether or not your should continue to have insurance cover, w encourage you to seek financial advice.
Further information about insurance in superannuation is also available on ASICS's MoneySmart website.
If you need any help sorting out your insurance cover, call us on 1800 692 877.
At BUSSQ we want to make sure your super is working as hard as it can for you. After all, it’s all about growing and maximising your super so you can live the lifestyle you dream of when you eventually retire.
Having the right level of insurance cover for your needs is a good thing, having too much or not enough can have the opposite effect so it’s a good idea to check in regularly to ensure you have the right cover.