Is your super insurance protected?

The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2019 received Royal Assent in March 2019. The law introduces new initiatives to protect individuals' retirement savings and could have significant implications for your super.

From 1 July 2019, a new law requires LGIAsuper to cancel the insurance cover of members who have an inactive superannuation account. The legislation is designed to protect superannuation balances by ensuring that members have insurance arrangements that are suitable for them.

The new law considers your account to be inactive if there have not been any contributions or rollovers into your LGIAsuper account for a continuous period of 16 months.

To check what level of LGIAsuper insurance cover you have, please login to Member Online.  More information about the new law is available on the federal government website moneysmart.gov.au.