Protecting Your Super
Super SA is helping to protect your super
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At Super SA, we have measures in place to help protect your super – especially if your account has a low balance or becomes inactive. These measures align to the Australian Government’s Protecting Your Super legislation, which aims to prevent super from being eroded by fees – and to make it easier to keep track of lost or unclaimed accounts.
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What does this mean for you?
If you’ve left employment and your super account is identified as ‘inactive low-balance”, ‘unclaimed’ or ‘lost member’, it will be closed and the balance transferred to the Australian Taxation Office (ATO).
The ATO may try and consolidate your money with any other super funds you may have. For more information, see ATO held super on the ATO website.
We’ll do our best to contact you before this happens, so you have the chance to act if you don’t want your super to leave Super SA.
The best way to stay on top of your super? Keep your contact details current and check in on your super every now and then.
‘Inactive low-balance’ accounts
An account may be identified as ‘inactive low-balance’ if it is preserved or retained and meets all the following criteria:
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- No contributions or rollovers have been received in the last 16 months
- The balance is less than $6,000
- You haven’t made any changes to your investment options, insurance cover, or binding death benefit nomination in the last 16 months
- You haven’t completed the Inactive low-balance account authorisation form to tell us you want to keep the funds with Super SA, in the last 16 months.
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If this applies to your preserved Triple S or retained Super SA Select account, we’ll make every effort to contact you directly.
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What you can do
What you can do
To retain your account with Super SA, simply complete the Inactive low-balance account authorisation form by the due date*. The authorisation will remain valid for 16 months. After that period, if your account is once again identified as inactive low-balance, you’ll need to complete another form.
If you take no action before the due date, your inactive low-balance account will be transferred to the ATO.
The ATO may try and consolidate your money with any other super funds you may have.
*The due date is 30 days prior to the end of the relevant reporting period (that’s 1 October for the reporting period ending 31 October, and 31 March for the reporting period ending 30 April).
‘Lost member’ accounts
An account may be identified as a ‘lost member’ account if it is preserved or retained and meets all the following criteria:
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- We haven’t been able to contact you
- We don’t have your current postal or street address
- You haven’t contacted us or accessed your account in the last 12 months
- No contributions have been received in the last 12 months.
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If this applies to your preserved Triple S or retained Super SA Select account, we’ll make every effort to contact you directly.
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What you can do
What you can do
To keep your account with Super SA, simply update your address with us by logging into the member portal, or contact us.
If we don’t hear from you and we’re unsuccessful in contacting you, we will transfer the balance of your account to the ATO at the next reporting date (either 31 October or 30 April).
Tip: To prevent your account being flagged as ‘lost member’, keep your contact details up-to-date through the member portal, or by contacting our Member Services team.
‘Unclaimed’ accounts
An account is considered unclaimed if the account is preserved or retained and meets all the following criteria:
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- You’re over the age of 65
- You haven’t claimed your benefit
- No contributions or rollovers have been received in the last two years
- We haven’t heard from you in the last five years
- We haven’t been able to contact you.
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If this applies to your preserved Triple S or retained Super SA Select account, we’ll make every effort to contact you before transferring your super to the ATO.
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What you can do
What you can do
We’ve outlined your options below so you can choose what’s best for you.
- Roll your super into one of Super SA’s post-retirement products:
- Income Stream lets you draw a regular income, while being invested in the super environment. This may have some tax benefits.
- Flexible Rollover Product keeps your funds invested within super, with the flexibility to withdraw when you need to.
- Withdraw or transfer the funds – learn more about how to withdraw your super. Or, you can transfer your funds to another super fund with this form Transfer your super. We recommend you seek financial advice before making this decision.
- Take no action – If you don’t claim your super before the due date*, your account will be transferred to the ATO. The ATO may then try to consolidate your money with any other super accounts you may have. For more information, see ATO held super on the ATO website.
Tip: Join one of our upcoming webinars or seminars to explore Super SA’s Flexible Rollover Product and Income Stream in more detail.
*The due date is 30 days prior to the end of the relevant reporting period (that’s 1 October for the reporting period ending 31 October, and 31 March for the reporting period ending 30 April).
- Roll your super into one of Super SA’s post-retirement products:
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Everything about your super - all in one place
Here you’ll find all the information you need to develop a better understanding about how you can grow, consolidate and access your super.
