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Significant changes to superannuation coming on July 1


If you have super you need to read this

There is a significant change coming to our superannuation accounts on July 1; any super account which has life insurance attached will have the life insurance part closed if the super account has been inactive for 16 months.

This will effect anyone who has multiple super accounts but only uses one, those on extended parental leave and some self employed, if they're not contributing.

The bigger issue, according to the Association of Superannuation Funds of Australia (ASFA) is that Australians' knowledge about their super accounts is low and that it's proving difficult to get this message out to those who will be effected.

What do you need to do??? Check the status of any super accounts that you may have forgotten about. (This page on the ATO website says that there is $17.5b in lost super floating around; some might be yours!) You can use this site to search for any lost super accounts.

While we're talking about super, it's important to remember that super doesn't form part of your estate if you were to pass away. It requires a complicated process for your family to claim it and gives the super fund control over it. Fix this quickly and easily by making sure that you nominate a next of kin for your super account/s. Call your super fund to get this fixed today.

The only thing to note is that if you have young people in your life (or you are one...) it's important to know that you don't have to use the default super that employers offer - multiple accounts create duplicate fees and erode away any money you had in the accounts. Consolidate any random super accounts and reduce extra fees.

If you need help with your super, it's important to speak to someone who not only knows what they're talking about but is appropriately registered to help you. If you don't have a financial planner, feel free to call us and we can point you in the direction of some planners that we know.

More info here.

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