Do you hold life or any other insurance in a retail scheme?
If you have a small balance in a retail scheme that you utilise to maintain life or any other insurances, you will be contacted by the APRA regulated scheme, these are generally retail and industry super funds, between now and 30th June 2019 as the rules surrounding insurance cover are changing
Members are now required to opt in to maintain your insurance cover and under new rules if no new contributions or rollovers are made to the APRA fund within a 16-month period it will be deemed inactive and unless you provide direction your life insurance will lapse
Additionally, where the APRA regulated fund balance is below $6,000 and inactive your balance could be transferred to the ATO as lost super
EXAMPLES of APRA regulated retail schemes are:
Australian Super, HESTA, MLC, REST, HOSTPLUS, CBUS etc.
You need to ensure that prior to 30th June 2019 you have made the appropriate election to your APRA regulated fund to maintain your insurance cover
If you have any questions, please feel free to call on 03 9787 5100 or email me at email@example.com