Why is it so important to start thinking about my superannuation?
It might seem like thinking about your superannuation is something you only do as you get older.
The truth is, it’s never too early to take an interest in your super. Even though you might not be able to access it for several more years, the choices you make now can have a big impact further down the track.
Are there any upcoming changes to superannuation that will affect me?
There will soon be significant changes made to superannuation insurance cover, which will impact workers under 25 whose superannuation balance is under $6,000.
These changes mean that super funds will no longer be able to provide insurance on superannuation accounts which have never had a balance of $6,000 or more, on or after 1 November 29 unless specifically requested by the account holder.
This change is due to new laws introduced by the Federal Government, and will come into effect on 1 April, 2020.
What does this mean for me?
If your superannuation account balance is less than $6,000 on or after 1 November 2019, and remains below $6,000 for the entire period until 1 April 2020, you will need to make a request in writing to maintain your insurance cover.
You’ll need to make your written request before 1 April 2020 in order to maintain your insurance cover.
I want to keep my superannuation insurance cover – how do I do this?
For Hostplus members, it’s as simple as visiting their website to make your request online. If you currently receive communications from HostPlus via mail, you’ll receive a form to fill out and return so make sure your postal address is up to date.
If you’re a member of a different super fund, you can contact them directly to find out how you can opt-in to maintain your insurance cover.
I still have some questions. Who can I speak to?
If you’re still not sure what all this means for you, call HostPlus on 1300 223 423 or visit their website. If you’re not a HostPlus member, you can contact your super fund directly for additional information.
This superannuation update is bought to you by HostPlus – visit their website for more information about making the most of your superannuation. HostPlus is a proud sponsor of HTN.