Back to f.ind

I thought keeping up with The Block was hard enough, let alone the changes to super this year.

Super updates
3 December 2020
I thought keeping up with The Block was hard enough, let alone the changes to super this year.

I’m glad I’m with a fund that keeps me up to date while I’m busy with my bathroom reno.

We’ve rounded up some super news and changes that have taken place this year.

A big year for insurance in super

As part of our commitment to delivering best practice products and services to our members, we’ve also been embedding the Insurance in Superannuation Code of Practice. Find out more about the what the code means for your super on our website.

The Government’s Putting Members’ Interests First (PMIF) legislation came into effect in April. As part of this legislation members who joined from 1 April 2020, who are under age 25 and whose balance has not reached $6000, won’t be eligible to receive automatic standard insurance cover unless they opt-in or until they meet those criteria.

Insurance in super can be an affordable and tax-effective way to protect you and your loved ones if something unexpected happens. If you don’t have cover yet and would like to apply, or you want to check your level of cover, you can log in to MemberOnline.

Federal Budget 2020/21 and your super

The Federal Government has proposed some reforms for superannuation in the Budget 2020/21.

These changes are yet to be legislated and are anticipated to come into place on 1 July 2021. While there are no immediate changes to your super account, we’ll keep you updated as these reforms progress.

Continuing to support you

We know 2020 has been difficult for a lot of people. Applications for the early release of super scheme can still be made via the ATO and will remain open until 31 December 2020. There’s a lot to think about when it comes to early release of super, so we’ve pulled together the key facts on our website to help you find out more.

And we’re always looking out for ways we can reduce costs for members. This year we reduced our investment fees for the Balanced (MySuper) option from 0.82% to 0.74%. We also achieved the highest rating from SuperRatings as a top-tier platinum fund for 15 years in a row.

Our Sustainable Balanced option was awarded the Lonsec Investment Option Award 2021, which recognises the quality of our investment process (including Environmental, Social and Governance integration) and the portfolio design to meet member needs. So you know you’re with a fund that’s putting your best interests at the heart of everything we do.

Looking forward to 2021

If setting your super up for success is on your to-do list, book a call-back* with one of our financial planners. Advice about your super is included in your membership, it’s obligation-free and available as often as you need. You can speak to our planners about topics like extra contributions, your super investments and insurance. And with advice, you can feel confident that when you make a financial decision, it’s been backed by an expert.

This content was correct at time of publishing. However, there may be more legislative changes in the pipeline.

* Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

About f.ind
Regardless of your goals or life stage, f.ind offers a collection of resources covering all aspects of your super journey. From investment choice to insurance, f.ind can help set you up to achieve a future of independence.