Skip to Main Content

The Protecting Your Super (PYS) package of reforms began operating on 1 July 2019. The aim of these reforms is to protect your super balance.

The reforms cover three areas which are addressed in detail below:

  • changes to insurance cover
  • changes for super accounts with a low balance and that are inactive, and
  • changes to fees.

See below for details about how the PYS package could affect you, and what to do if you wish to keep your insurance. If you have questions, please call us on 1800 222 071 from 8am to 8pm (AEST/AEDT) weekdays. 

Insurance changes

From 1 July 2019, super funds have to turn off insurance for 'inactive' accounts - these are accounts that haven't received any contributions or roll-ins for 16 months.

If your account is about to become inactive, you can opt-in to keep your insurance on your TWUSUPER account - insurance will continue for as long as you have the funds in your account to pay the monthly premiums. We may contact you from time to time to check that you still want to keep your insurance.

You can check how much insurance cover you have, and what your premiums are, by logging into your secure online account through Member Online or by calling us on 1800 222 071 from 8am and 8pm (AEST/AEDT) weekdays.

TWUSUPER won't cancel your insurance without attempting to contact you first.

How to keep your cover

To keep your cover:

  • call us on 1800 222 071 and request a form that allows you to opt-in to keep your insurance
  • make a contribution to your account through BPAY® (you can get your unique BPAY® details through Member Online or by calling 1800 222 071), or
  • rollover your other super into your TWUSUPER account (by logging in to Member Online and going to 'Find my Super' or by calling us on 1800 222 071).

® Registered to BPAY Pty Ltd ABN 69 079 137 518.

Inactive low balance accounts

Members with an 'inactive low balance account' will have their account shifted to the ATO.

To be defined as an 'inactive low balance account' the following must apply:

  • the account balance is under $6,000, and
  • the account has not received any contributions or roll-ins for 16 months, and no changes have been made to investment options, insurance cover or binding beneficiary nominations for 16 months.

If your account is shifted to the ATO, you will no longer be a member of TWUSUPER. The ATO will try to consolidate your super money with any active super accounts you may have (if you have one, and the balance of the combined accounts is greater than $6,000). If the ATO can’t consolidate your super money, it will remain with them until you claim it – note, the ATO does not pay any interest on super accounts they hold.

How to keep your account open

To keep your account open you need to make sure that it's not defined as an 'inactive low balance' account as per the criteria above.

You can prevent your account from meeting this definition by:

  • printing, completing and mailing this form to us
  • making a contribution or rolling over other super into your account. The contribution does not need to bring your balance above $6,000 and there is no minimum contribution that applies. Contributions can be made by your employer (as a Super Guarantee payment) or by BPAY®. You can find your BPAY® details by logging into Member Online and going to the Personal Details page.
  • changing your investment options (ensuring that any change suits your overall investment strategy),
  • making a binding beneficiary nomination, or
  • changing your insurance cover. Keep in mind that you may have insurance elsewhere and you need to ensure you have enough balance to cover your premiums. If you wish, you can transfer the account balance of another fund into your TWUSUPER account along with the insurance attached to that fund.

Note: If you wish to retain your insurance through TWUSUPER and stop your balance being transferred to the ATO, you can do so by submitting an online opt-in form. Refer to How to keep your cover above for details.

® Registered to BPAY Pty Ltd ABN 69 079 137 518.

Fee cap

From 1 July 2019 there are no exit fees for leaving a super fund or for any partial withdrawals of super. Administration fees, investment fees and indirect costs will be capped at 3% each financial year for balances of under $6,000 - refunds of any amount charged in excess of the cap will be made within three months.

There are exceptions to the fee caps for low balance accounts. These include:

  • insurance premiums (where you have insurance attached to your account)
  • activity fees (such as personal advice and Family Law fees), and
  • buy/sell spreads (note however, we do not charge a buy/sell spread).

TWUSUPER's fees are set out in its Product Disclosure Statement (PDS).

Back to Toll Group page