If you withdraw the total of your super balance, your account will be closed, and you will have to re-apply to become a member if you want to make contributions to Spaceship Super in the future.
Similarly, if your balance falls below $6,000, there is a chance your account may be transferred to the ATO (who will try and consolidate it with other super you may have) if you do not engage with it for an extended period of time. If this becomes a risk, we’ll contact you at the time and help explain your options.
It’s important to note that the balances displayed on MyGov are only accurate as of 30 June 2019, and will not reflect any contributions, deductions, or investment gains or losses since that time. Before making a withdrawal decision, you should check your most recent account balance by logging in to your member portal.
Whilst you don’t have insurance with Spaceship Super, if you’re withdrawing super from another fund, you should consider the impact on insurance, as if your super balance falls to zero or is too low, you may lose any cover, such as death, TPD and income protection cover you have with that account.