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Hold On To Your Super

The Federal Government is making legislation changes to superannuation.

The new legislation means if you haven’t made a contribution to your First Super account for 16 months and have a balance below $6,000, then we may need to transfer it to the ATO. The ATO will be responsible for reuniting a member’s inactive account where the transfer would take your total balance to $6,000 or more.

However, members won’t be affected if – during the 16-month period – they have:

  • changed their investment option
  • updated their insurance cover (e.g. increased cover amount) and/or
  • completed and submitted a binding Nomination of Beneficiary form

To stop this from happening and to re-activate your account, make sure that you complete one of the actions outlined below.

1. Switch your employer contribution to First Super

Ask your employer to pay your super into your First Super account. Use this choice form to make it happen.

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2. Roll in

Roll any other super accounts into your First Super account and save paying multiple account fees.*

* Before making a decision to combine your super you should consider any costs, change to insurance cover or loss of benefits that may apply and consider consulting a financial adviser.

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3. Contribute

Simply make a contribution to your First Super account to make it active.

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WE’RE HERE TO HELP

If you have any questions, simply call our Member Services Team on
1300 360 988 or email us.

FAQs

How will the new legislation affect me?

The Federal Government introduced legislative changes to superannuation, in an attempt to proactively reunite inactive accounts with a member’s active account.

If you haven’t made a contribution to your First Super account for 16 months and have a balance below $6,000, then we may need to transfer it to the Australian Taxation Office (ATO). This won’t affect members who have changed their investment option and/or insurance cover (e.g. increase cover amount) and made a binding nomination.

What is the definition of an inactive member?

You will be considered an inactive member if you haven’t made a contribution to your First Super account for 16 months and have a balance below $6,000.

However, your super account may still be considered active – and not transferred to the Australian Taxation Office (ATO) – if you have completed any of the following activities in the last 16 months:

  • changed your investment options
  • changed your insurance cover and/or
  • made or amended a binding beneficiary nomination.

How can I stop my First Super account being transferred to the Australian Taxation Office (ATO)?

To stop your account being transferred to the ATO, you can:

  1. Ask your employer to pay your super contributions into your First Super account. Use this ‘Choice of Fund’ form to make it happen
  2. Complete a Contribution Form to make an after-tax contribution to your First Super account
  3. Find lost super and roll it into your First Super account. Simply visit firstsuper.com.au/lostsuper to start searching.  

 

What happens if my First Super account is transferred to the Australian Taxation Office (ATO)?

If your First Super account is transferred to the ATO, you will lose your insurance inside super and miss out on future investment returns. This means First Super will no longer cover you for Death (including terminal illness), Total & Permanent Disablement (TPD) and, if selected, Income Protection.

These accounts won’t pay any fees on ATO-held amounts and will receive investment returns for interest paid based on the Consumer Prices Index (CPI). The ATO will proactively reunite unclaimed super money held for you into one of your active super accounts.

What happens to my money if it is transferred to the Australian Taxation Office (ATO)?

If your inactive balance is transferred, the ATO will keep your money safe and you won’t pay any fees. Within 28 days of receiving your money, the ATO will try to reunite it with your active super fund if you have one, and where the transfer would take your total balance to $6,000 or more. When you claim your lost super, any interest due will be paid to you. Interest is based on the Consumer Price Index (CPI).

If my First Super account is transferred to the Australian Taxation Office (ATO), will I lose my insurance inside super?

As a First Super member, like millions of Australian workers, you have been automatically protected with life insurance cover inside super. Details of your cover can be found in your latest First Super member statement.

If your First Super account is transferred to the ATO, you will lose your insurance cover. This means First Super will no longer cover you for Death (including terminal illness), Total & Permanent Disablement (TPD) and, if selected, Income Protection.

You can check your level of cover with First Super via Firstonline or by calling our Member Services Team on 1300 360 988.

To read about First Super’s insurance options visit: www.firstsuper.com.au/superannuation/insurance-choices.

Why should I keep my First Super account?

Reason 1: First Super is an Industry Super Fund. That means our profits are returned to members, not shareholders.

Reason 2: First Super’s Balanced option (default) outperformed the average retail super fund over the past 5, 10 and 15 years. You can compare our performance at: firstsuper.com.au/compare.

Reason 3: First Super offers three types of insurance through your super account. This cover can be increased to protect you and your loved ones, especially if you work in a high-risk workplace. You can read about our insurance options at: firstsuper.com.au/superannuation/insurance-choices/

Reason 4: We have competitive fees, which means more of your money goes towards your retirement savings.

Reason 5: We can help find your lost super and make it easy to roll into a single account. This saves you fees and boosts the earning potential of your savings.

Reason 6: Our promise is to continue to operate in the best interests of our members.

How can I check my First Super account?

Call the Member Services team on 1300 360 988 or login to the member portal, Firstonline.

Firstonline is a safe and secure way for you to manage your First Super account online. With Firstonline you can update your personal details, check your account balance and insurance cover, and change your investment options.