Protecting your retirement savings

The Coalition Government is protecting the hard-earned retirement savings of millions of Australians by introducing new measures to guard against the unnecessary erosion of superannuation balances through excessive fees, insurance premiums and inactive accounts. The Government is capping administration and investment fees on low-balance accounts, banning exit fees on all accounts, ensuring that insurance in super is offered on an opt-in basis for accounts of young members below the age of 25, accounts that have been inactive for 13 months or more and inactive accounts and reuniting lost super with members by transferring all inactive low-balance accounts to the Australian Taxation Office and proactively reuniting these accounts with a member’s active account.