Recent government changes mean you should read this.
As an REI Super member you have death and total and permanent disablement cover through your super account. If your account is inactive your insurance cover could be cancelled as a result of new government rules - if you don’t take action.
The government’s ‘Protecting Your Super Package’ aims to protect members’ super accounts from being unnecessarily reduced by fees, including insurance premiums.
To minimise the impact of fees on inactive accounts, the government’s new rules mean that from 1 July 2019 super funds are required to cancel insurance for members when they haven’t received contributions or rollovers from them for a period of 16 continuous months.
So if you or your employer have not made contributions to your REI Super account for 16 months as at 1 July 2019 and onwards, you need to make a contribution to your account or let us know if you still want your insurance cover.
We recently wrote to members with inactive accounts to alert them to this change.
To let us know you want to keep your insurance cover, you can:
- Log into your super account and make a contribution to your account. You can either make a personal contribution by BPAY OR a rollover an amount from an old super fund.
OR you can:
- Complete this form and email it back to us, to advise us that you wish to keep your insurance cover.
For more information on these changes or for help with making a contribution, call our Helpline on 1300 13 44 33.
As premiums are paid from your superannuation savings, your superannuation balance will reduce by the premium paid each year.
The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs.
Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions.
REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129