There are some rules around changing your account structure:
- If you are making 100% unlocked contributions to mysuper you can change to making locked contributions.
- Once you choose to make locked contributions you can not change back to making 100% unlocked contributions.
- If you want to make locked contributions to mysuper a minimum locked contribution of 3% is required.
- If you want to make locked contributions to mysuper a maximum locked contribution of 100% is allowed.
- If you choose to make locked contributions to mysuper you are allowed to change the amount you lock away from the minimum (3%) to the maximum (100%), or back no more than once per Scheme financial year (1 July - 30 June).
- All contributions made by the employee and employer, unlocked or locked, will automatically match e.g. if you make a 6% employee contribution and choose to make a minimum locked contribution of 3% the first 3% will be locked and the balance will be unlocked. The same will apply to your employer amount. 3% will be locked and 6% will be unlocked.
- Only mysuper Members making a locked contribution are able to request a First Home Buyer Withdrawal from mysuper.
- If you choose to make 100% Locked contributions and have added-on the optional mysuper insurance it will be cancelled. Insurance premiums can only be paid for out of Unlocked contributions. If you choose Minimum Locked your insurance can continue.