Capped fees, opt-in insurance and forced Transfers
In last year’s Budget, the government announced a range of reforms as part of its Protecting Your Super package. Not all those measures have passed into law but a few have and will come into effect on 1
If you are impacted by these changes, we will write to you over the coming weeks.
Fees will be capped on low superannuation balances from 1
The Morrison Government’s “Protecting Your Super” package, announced as part of the 2018 Federal Budget, includes a 3% cap on administration and investment fees charged on superannuation accounts with balances of $6,000 or less.
Exit fees on all accounts will be removed.
Under the new
Insurance will also be axed for accounts where no contributions or roll-ins have been received for 16 months or more from 1 July 2019, unless the member opts-in.
The initial package also proposed opt-in insurance arrangements for accounts of less than $6,000 and new super members under the age of 25. Those proposals have not yet been passed.