Updated: 27 October 2023

The Government has announced new legislation to safeguard Australians’ superannuation savings from excessive fees, unnecessary insurance and the costs of inadvertently holding multiple superannuation accounts. 

From 1 July 2019, the new legislation:

  • caps fees on balances less than $6,000
  • bans exit fees
  • empowers the ATO to consolidate inactive low-balance accounts automatically
  • cancels insurance for accounts that have been inactive for 16 months or longer.

The easiest way to know if you’re affected is to open and read any letters, emails or SMS messages you receive from your super fund. If you haven’t received any communication, contact your super fund as they may have been trying to contact you at an old address.


You might hold insurance through your super fund. If you do not want your insurance cancelled, you should contact your super provider. 

There may also be changes to your insurance premiums. If you are unhappy with any changes, you should talk to your super fund and ask them to provide you with information about the reason for the premium increase.

AFCA can only consider complaints about changes to insurance premiums in very limited situations. 
We can consider complaints about:

  • misrepresentation or failure to properly disclose the cost
  • costs that have been calculated or applied incorrectly
  • costs that should not have been applied. 

We will not consider a complaint because you are dissatisfied with the cost increase.

More information about the changes:

The Government’s announcement is available on the Treasury website
If you want to consolidate your superannuation accounts, contact the ATO or go to the MyGov website


Published: 28 June 2019


Media enquiries media@afca.org.au

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The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.

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