New ‘Protecting Your Super’ package laws are now in effect. The changes include:
- Super funds will only be allowed to charge a maximum of 3% of administration and investment fees for accounts under $6000.
- Super funds will be banned from charging you an ‘exit fee’ if you transfer your account (or part of your account) to another fund.
- ‘Inactive’ accounts under $6000 will be closed down and the money transferred to the Australian Taxation Office (ATO).