Don’t lose track of your super

Your inactive low balance super account will be transferred to the ATO.

Your account will continue to be subject to fees and costs. If you have more than one inactive low balance super account with AMP and would like all of these accounts to remain with AMP, you’ll need to provide a separate authorisation for each account.

If you submit a request to keep your super account with AMP, but your account meets the definition of inactive and low balance in the future, your balance may still be swept to the ATO.

If you don’t want your account transferred to the ATO, you will need to complete a new authorisation at that time.

It’s important to consider your circumstances before making a contribution or rollover.

You can find out more about the different types, eligibility and limits that could apply.

Also be aware that there is a three business day processing time for making a contribution – allow for this if you don’t want your super to be transferred to the ATO.

As part of the Protecting Your Super laws, super funds need to send inactive or low balance super accounts to the ATO twice a year. The ATO will attempt to consolidate this super for members.

If your super is transferred to the ATO, you’ll be able to reclaim it from them. You can do this by logging into your MyGov account and using ATO Online Services.

The ATO may also transfer your super money into a super account held in your name. This may happen if your other account has received a contribution or rollover within the past two financial years, and the balance after the transfer will be more than $6,000. Visit the ATO website to learn more.

Lost or unclaimed super accounts can sometimes have quite a bit of money in them, particularly if they’ve had investment earnings. If you reclaim your account before it’s sent to the ATO:

• you may not lose any insurance cover you may have inside your super (which you will if it’s transferred to the ATO)
• earnings on investments may be more favourable. If your account is taken by the ATO, interest will be calculated using the consumer price index (CPI)
  
  

There are some exceptions to the rules. Super money will not be transferred to the ATO in certain circumstances, including if:

• you have insurance in your account
• your account is a pension account, including a transition to retirement account
• we’ve accepted you’re permanently incapacitated or have a terminal medical condition, based on evidence you‘ve provided us
• your account is a defined benefit account
• the account is held in a self-managed super fund (SMSF) or small Australian Prudential Regulation Authority (APRA) fund
• in the last 16 months, you’ve made changes to your investment options or insurance arrangements in your account or you’ve made or amended a binding beneficiary nomination
• in the last 16 months, you’ve given us an inactive low balance account declaration authorising us to notify the ATO that you want your super account to remain with us.

You can check your latest account balance and contribution activity by logging in or registering to My AMP, or by calling us. My AMP also allows you to:

• view your insurance details
• update your personal information, beneficiaries and provide your tax file number
• compare, change and view your super investments.