Super legislation changed on 2nd October 2019 whereby super funds with low balances i.e. below $6,000 are to be protected from insurance premiums eroding the fund balance.
Trustees of funds are required to write to fund members requesting whether they wish to maintain their insurance policies. If you do not respond, your insurance covering will be cancelled.
Therefore if you want to maintain your insurance coverage within your super fund DO NOT ignore the super fund notice.
Author: Stephen Mason This article appeared in our December 2019 newsletter