Protecting Your Super Package legislation – does it affect you?
June 3rd, 2019
First Super has been sending communications to particular groups of members to raise awareness of the incoming Protecting Your Super Package (PYS) laws and what they mean for them.
The PYS Package was introduced by the Federal Government in February 2019, and is effective from 1 July. It means that super funds must follow new rules designed to protect members’ super balances from being eaten into by unnecessary fees and charges.|
The PYS laws may affect you if:
- your super account has not received a payment (a contribution or a rollover) for a period of 16 months or more; or
- your super account has been “inactive” for more than 16 months and your balance is below $6,000; or
- you have an active super account with a balance below $6,000.
If your super account falls into any of the above categories, find out what these changes may mean for you on our dedicated PYS page.