Protecting Your Super

The Government's Protecting Your Super reforms aim to ensure that the low balance and inactive super accounts are not inappropriately eroded by fees and insurance premiums.

Under this legislation, super funds are required to:

Your insurance may be cancelled

From 1 April 2020, Rest will reduce the inactivity period from 16 to 13 continuous months, so if your account has been inactive for a period of 13 continuous months, your insurance may be cancelled.

What does ‘inactive’ mean?

We haven't receive any money in your account (such as a rollover or a contribution) within the last 13 continuous months.
You haven’t let us know that you’d like to continue to have insurance cover.

We’ll contact you when your account has been inactive for 6, 9 and 12 months, so you have an opportunity to choose to keep your insurance cover if you’d like to.

Keeping your insurance with Rest

If you'd like to stay covered:

you or your employer can make a contribution into your Rest account before it becomes inactive for 13 continuous months; or

you can let us know by selecting the 'Insurance' tab in MemberAccess, and just follow the prompts; or

you can send us an email to contact@rest.com.au with ‘Keep my insurance’ in the subject line;

make sure that your email includes your member number, full name and date of birth. In your email, please state that you wish to keep your insurance cover with Rest.

Benefits of insurance through your super

Insurance is for when things don’t go the plan. Like getting sick, getting injured, or even death. It can help you and your loved ones pay the bills and keep things going if something happens to you.

Learn more about your insurance with Rest here.

Reinstating your cover

If you want to reinstate your cover, you’ll need to let us know within 60 days of the date your insurance is cancelled. You’ll find the cancellation date, and the date you need to respond by, on the letter or email we send to you.

To reinstate your cover you can:

send us an email within 60 days of cancellation. Click here to use our email template or email us at contact@rest.com.au. Your email should have ‘Reinstate my insurance’ in the subject line. Make sure that your email includes your member number, full name and date of birth. In your email, please state that you wish to keep your insurance cover with Rest;
complete the reinstate my insurance form available here, and return it to us within 60 days of cancellation;
make a personal contribution, or have your employer make a contribution to your account within 28 days of cancellation. To find out ways to contribute, visit here.

If your insurance is reinstated, your account must have enough funds to pay the premium owed and outstanding fees for the period your insurance was cancelled.

Your account may be transferred to the ATO

Your account will stay at Rest (and will not be transferred to the ATO) if you:

have over $6,000 in your account;

made a contribution into your account or a rollover from another fund within the last 16 months;

have insurance cover or have made a change to your insurance cover in the last 16 months;

made changes to your investment options in the last 16 months; or

made or amended a binding death benefit nomination in the last 16 months.

If your Rest account balance is transferred, the ATO will try to consolidate it into an active super account you might hold. An eligible active super account is one where you've made a recent contribution, and has a balance of $6,000 after the transfer of any ATO-held super.

If you have an account with another super fund, you can transfer any ATO-held super to your other fund. You can do this through your myGov account, or by contacting your other super fund.

If you don’t want your account to be transferred to the ATO, you’ll be able to let them know. Just complete this form and return it to us.

I’m not sure if I need to keep my insurance cover?

How do I know what insurance I have?

When do I need to respond to the letter by?

What happens if I don’t do anything?

I didn't even know I had insurance as part of my super.

Rest offers automatic default insurance for most its members as part of legislative requirements. We believe it’s important to be prepared for the unexpected.

Generally speaking, insurance cover is designed to provide members and their family with the financial means to maintain their lifestyle in the event of the member’s unexpected death, permanent or temporary disablement. Having the right levels of cover is important, and for this reason, we recommend members review their insurances regularly to ensure that it provides the cover they need based on their current personal circumstances.

While insurance cover may not relieve members, or their dependants of the emotional burden associated with a member’s unexpected death or permanent or temporary disablement, it can help to relieve the financial burden normally associated with such events.

Automatic insurance as part of your super provides affordable cover if you’re working part time or casually. This insurance may not be available or cost more if it isn’t part of your super.

To find out what types of insurance you have and how much you're covered for, login to MemberAccess and click the 'Insurance' tab.