Changes to inactive super accounts with low balances

What is an ‘inactive’ account?

A super account can be considered inactive if, in the last 16 months:

• no contribution or rollover has been made into the account
• no changes have been made to investment options or insurance (including opting in) arrangements
• the member has not met a prescribed condition of release
• a binding beneficiary nomination has not been received or amended
• the member has not provided the super fund a written declaration that they are not a member of an inactive low-balance account and wants to keep the account open.

What does this mean for me?

If your BT super account is ‘inactive’ and has a balance of less than $6,000 it may be closed and the monies transferred to the ATO to be consolidated with your ‘active’ super account.

You may also receive rollovers from the ATO into your BT super account from inactive accounts you may have had with other super providers.

If your account with us is a pension account, including a transition to retirement account, you are not impacted by these changes. 

Find out more about how the ATO will proactively consolidate your super.

What you can do to keep your super with BT

If you’ve heard from us and we’ve told you that your BT super balance may be transferred to the ATO, but you want to keep your account with BT open, there are a few different things you can do before the transfer date we’ve provided.

You can complete and lodge an ‘Inactive low-balance authorisation’ form. Download and print the form on the right hand side of this page – then complete and sign it and return it to us:

• By Email: Scan or take a photograph of the completed form and email it to us at ILBA@BTFinancialgroup.com

Alternatively, if you make a contribution or rollover to your account, make changes to your insurance, or change your investment options, before the transfer date, your account will be considered ‘active’ and won’t be closed or transferred to the ATO.

IMPORTANT: If you hear from us, make sure you act before the transfer date we have given you if you want to keep your super account with BT.

Why have I received a super rollover into my account from the ATO?

If you’ve logged into your BT super account and seen a recent rollover from the ATO, this may mean you had an inactive account with a balance less than $6,000 with another super provider that was closed and the monies sent to the ATO. If your ‘active’ account is with BT, they will have transferred those super monies to your account with us.

To find more information on where your super rollover came from, or your closed account(s) – refer to the exit statement you should receive from the super provider who managed your closed account – or log on to your myGov account if you have one.