Secure Access Login

Remember: if you are registering for the new online member portal, you need to click on the ‘Register’ button below and enter your new Client ID number to register. This number was posted to you in the mail in April 2018. This applies to members of Triple S, Flexible Rollover Product, Super SA Income Stream and Super SA Select.

2018 Federal Budget Overview


Below is a summary of the proposed superannuation changes announced in this year’s Federal Budget. These initiatives are designed to help protect the retirement savings of young people and those with low account balances and help Australians make the most of their retirement.

Please note that the following announcements are proposals only and will not be final until legislation is passed.

Super SA will be monitoring the legislative and regulatory outcome of the proposed budget changes and will update members accordingly.


The key changes that will impact superannuation include:


Changes to default life insurance in superannuation

The Federal Government will change the insurance arrangements for specific super member groups which will see insurance within superannuation move from a default framework to being offered on an opt-in basis for:

  • members with balances of less than $6,000
  • members under the age of 25 years
  • members whose accounts have not received a contribution in 13 months and are inactive.

These changes will help:

  • protect the retirement savings of young people and those with low balances by ensuring their superannuation is not unnecessarily eroded by premiums on insurance policies they do not need or are not aware of.
  • reduce duplicated cover so that members are not paying for multiple insurance policies.

The changes will take effect from 1 July 2019.


Transferring lost or inactive accounts to the Australian Tax Office

In a bid to prevent people with multiple super accounts from having their savings eroded by fees, the Federal Government will require the transfer of all inactive superannuation accounts where the balances are below $6,000 to the ATO. The ATO will use data matching to automatically consolidate these accounts with members’ active account.

The Federal Government expects the new system will reunite $6 billion of lost superannuation with 3 million Australians’ active accounts in 2019-20.


Removal of exit fees and new fee caps (not applicable to Super SA Schemes)

The Federal Government has proposed two new measures to tackle the impact of superannuation fees on member balances and make it easier for members to consolidate their accounts. It will abolish super fund exit fees and cap certain fees on balances of less than $6000 at 3 per cent.

The Federal Government has estimated the fee cap on low balances will return $570 million to super fund members.


High income earners with multiple employers protected from super contribution breaches
(not applicable to Super SA Schemes)

High-income earners with multiple employers will be protected from inadvertently breaching the annual $25,000 super contribution limit.

Individuals who earn more than $263,157 a year from multiple employers will be allowed to make wages from certain companies exempt from the Super Guarantee.

Under current rules, individuals earning more than this amount from multiple sources face a tax bill if they contribute more than the annual $25,000 limit.


The key changes that may impact Super SA members in retirement include:


Expansion of Pensions Loans Scheme

The Pension Loans Scheme is a reverse-mortgage style scheme that enables retirees to release equity in their home to boost their retirement income. The Scheme – administered by Centrelink - is currently only available to retirees who are eligible for a part Age Pension.

The Federal Government has proposed extending the Scheme to all retirees, including full rate Age Pensioners and self-funded retirees.

Under this Scheme, full pensioners will be able to increase their income by up to 50 per cent of the Age Pension. This will enable single retirees who own their own home to boost their income by up to $11,799 and couples to boost their retirement income by up to $17,800 without impacting their eligibility for the Age Pension or other benefits.


Expansion of Pension Work Bonus

The Pension Work Bonus allows pensioners to earn up to $250 each fortnight without reducing their Age Pension. It will be expanded to allow pensioners to earn an extra $50 a fortnight ($1,300 a year) without reducing their pension payments.

The Pension Work Bonus will also be expanded to self-employed people who will be able to earn up to $7,800 a year, without reducing their pension payments.

The Federal Government expects 88,000 Australians to take up the option to work more as a result of these changes.

 Work test exemption

Retirees aged between 65 and 74 with a superannuation balance below $300,000 will be allowed to make voluntary super contributions for the first year that they no longer meet the work test requirements.

New Age Pension means test for lifetime income streams

From 1 July 2019, new Age Pension means testing rules will be introduced for new pooled lifetime income streams. The rules will assess a fixed 60 per cent of all pooled lifetime product payments as income, and 60 per cent of the purchase price of the product as assets until 84, or a minimum of 5 years, and then 30 per cent for the rest of the person’s life.

This will mean people using these products will lose less pension entitlements.

 Retirement income product framework

The Federal Government has proposed introducing a new framework for super funds to develop retirement income products.

The government will introduce a ‘retirement covenant’, requiring trustees to formulate a retirement income strategy for superannuation fund members. Fund trustees will be required to offer Comprehensive Income Products for Retirement (CIPRs)—products that provide income for life—however it will not be compulsory for individuals to take up a CIPR on retirement.


Please note that the above announcements are proposals only and will not be final until legislation is passed.

Super SA will be monitoring the legislative and regulatory outcome of the proposed budget changes and will update members accordingly.


Dascia Bennett, Chief Executive


This summary has been prepared with the support of the Australian Institute of Superannuation Trustees (AIST).