Insurance is one of the most valuable benefits you can receive through your super.
It means you and your family will be looked after if you can no longer earn an income due to an injury or even death.
So It’s important to understand the recent changes to insurance within super, and make sure you’re adequately covered.
These changes are part of wider government legislation to protect super balances. They fall into two main categories:
- Protecting Your Superannuation Package (PYSP) – aimed at members with inactive accounts
- Putting Members’ Interests First (PMIF) – aimed at members with low balance accounts and / or 25 or younger
The rules around inactive accounts (PYSP) changed back in July 2019, while the rules about low balance accounts and younger members (PMIF) only came into effect on April 1 2020.
What is an inactive account? Your account is considered inactive if you haven’t made any contributions or rolled in any funds for 16 months.
What happens to inactive accounts? If you take no action, your insurance with Catholic Super will be cancelled. You will no longer be covered for death, or total and permanent disability.
What do I need to do if I want to keep my cover? We will write to you three times before we cancel your cover, and with each notification we give you the opportunity to elect to retain your cover. Alternatively, you can keep your insurance cover by making a contribution to your account. This can come from your employer, transferring other super you may have into your Catholic Super account, or as a one-off payment directly to your account via BPay.
How do I know if I’m making contributions and am covered for insurance? We send notifications to all members at risk of losing their cover. These would be sent via either email or standard mail, depending on your preference, and if we have your correct details. You can always check the status of your cover by calling our Service Centre on 1300 655 002