28 June 2019
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:
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:
We will not consider a complaint because you are dissatisfied with the cost increase.