Protecting Your Super: Inactive low balance superannuation accounts
Protecting Your Super (PYS) laws came into effect on 1 July.
Customers with inactive low balance super accounts, with no insurance, a balance between $200 to $6,000 and no contributions or rollovers for at least 16 months – Now MUST be transferred to the ATO.
Super accounts will generally be transferred to the ATO if they have:
- no insurance
- less than $6,000 balance
- NOT been subject to any of the following actions over the last 16 months:
- contributions or rollovers
- changes to investment options
- new or amended binding beneficiary nomination
- a declaration by the member to the ATO or the fund that they do not wish their account to be transferred to the ATO as inactive low balance.
Defined benefit and income stream accounts will not be transferred to the ATO as inactive low balance. Other exceptions apply.
For more information visit the ATO’s inactive low balance super accounts page.
What can you do if you don’t want your account transferred?
To ensure an account isn’t transferred to the ATO, clients with relevant AMP products can complete one of the following actions:
- Reply to the email with the word ‘YES’. In this case there is no need to also fill in the inactive low balance authorisation form.
- Complete the online form at amp.com.au/keepmysuper.
- Complete the inactive low balance authorisation paper form sent with the letter and send back to AMP (either email or physical mail to the nominated address).
- Activate their super account by taking an action such as making a contribution, rollover or nominating a binding beneficiary.
- Phone us – we will be happy to assist.
AMP must receive responses by 27 September 2019 if clients wish to retain their inactive low balance account with us.
For North the process is slightly different and those impacted will be communicated to in September. If you are a North client and wish to retain your super with AMP, you can provide a completed ATO declaration form to North.
Inactive declarations are not permanent
The inactive low balance declaration only remains effective for 16 months. In the future, if your account is again considered inactive low balance and you don’t want it transferred to the ATO, you may need to complete another declaration.