From July 1st the ‘Protecting Your Super’ laws came into effect. These laws are designed to ensure that Super account balances are not being unnecessarily eroded by fees and insurance premiums, particularly for accounts that have a low balance or have been inactive for a certain period.
As an expat it is more likely than not that your Super is deemed “Inactive”, if you haven’t made any contributions or rollovers to it for at least 16 months.
Why does this matter?
Many Australians, including expatriates, rely on insurance in their Super to protect themselves and their families from the worst.
Under the new laws your loved ones may find out, too late, that your cover had been cancelled and they are on their own with no financial support when it is needed most.
Wouldn’t my Super provider have warned me?
Yes, provided you updated your address with them. If you didn’t the all-important warning letter might be waiting for you back in Australia, unopened.
What can you do about it?
Speak to your AAM Wealth Manager or email [email protected] and find out the answers to the following important questions:
- Are my loved ones still protected?
- Do I have enough cover?
- If I am ill, how will I look after my loved ones and myself?
Contact us now so you can make sure that you and your loved ones are financially secure, whatever life may throw at you.
This article is an op-ed piece by Ian Black. The views expressed in this article are those of the author and do not necessarily reflect the views of AAM Advisory Pte Ltd. This document/article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any securities/products mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed financial adviser regarding the suitability of the investment product before making a commitment to purchase the investment product. Past performance is not necessarily indicative of future performance. Any prediction, projection, or forecast on the economy, securities markets or the economic trends of the markets is not necessarily indicative of future performance. Whilst we have taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this document is subject to change without notice. The above report may contain data obtained from third parties and as such we cannot guarantee the accuracy of this data.