Now live: big super changes

01 Jul 2019

On 1 July 2019, the government’s Protecting Your Super package introduced new measures to prevent fees and insurance premiums from eroding your super.

photo of an egg in a nest

While we’ve always worked hard to keep our fees low and protect your retirement savings, this new legislation could mean some key changes for your account.

We’ll be contacting you if you’re affected but here’s an overview of the changes and what they’ll mean for you.

Your insurance cover may be automatically cancelled

If you haven’t received a contribution or rollover into your account for at least 16 months, you’ll lose your insurance cover (and stop paying premiums).

If you want to keep your insurance

Read more about the Protecting Your Super insurance changes.

New caps for fees on balances of less than $6,000

If you have a balance of less than $6,000, you won’t pay more than 3% in combined administration and investment fees a year. This cap doesn’t apply to Defined Benefit Division members.

Last October, UniSuper took a market-leading position on our administration fee1 for Accumulation 1, Accumulation 2 and Personal Accounts —reducing the fee to 2% of your account balance and capped at $96 p.a. This means members in these products won’t pay an administration fee higher than $96 p.a., with many members paying far less. For example, if you continued to have $1,000 in your account, you’ll only pay an administration fee of $20 p.a.. So while many of our competitors are currently raising their fees, we’ve made a further commitment to keep ours as low as possible.

The ATO has greater responsibility for low balance, inactive accounts

We're required to transfer your super to the ATO if:

  • your account balance is under $6,000
  • your account has no insurance

Unless, within the last 16 months any of the following occurred

  • we received a contribution or rollover into your account
  • you made changes to your account such as changing your insurance or investment options, or making a binding beneficiary nomination
  • you made an election to the ATO to not have your account transferred

The ATO will then work to match your super and unite it with your active super accounts.

This requirement doesn’t apply to Defined Benefit Division members.

More flexibility for new retirees to boost their retirement income

Under the work test exemption, people aged 65-74 with less than $300,000 in super are allowed to make voluntary contributions for the first year they don’t meet the work test requirements. Existing contribution cap rules will continue to apply.

Help is available

If you have any questions around these changes, please don’t hesitate to call us on 1800 331 685 or email us at You can also make an appointment to meet face-to-face with an on-campus consultant.

1 An administration fee for Accumulation 1, Accumulation 2 and Personal Accounts is charged monthly based on your account balance at the end of the month, or the date your account is closed (if earlier). A maximum of $8 per month is deducted directly from your account.