New Legislation – Protecting your Super

2019-06-14T22:19:08+00:00

, On 14 March 2019, the government introduced a package called "Protecting Your Super"which was designed to protect superannuation accounts. It was designed to prevent inactive superannuation accounts from being eroded by inappropriate insurance arrangements, as well as protect small balances from being eroded by fees. The new legislation, which was called Protecting Your Super is now law and the measures will start applying from 1 July 2019. One of the major components of the protecting your super legislation is that superannuation funds are no longer able to provide insurance to members with an inactive superannuation account. However, the member can make an election [...]