ASIC finds “common problems” with PYSP super fund communications

An ASIC review of communication sent by super funds to members about the Protecting Your Super reforms has found some “common problems”. The ‘Protecting Your Super Package’ (PYSP) reforms were aimed at protecting small superannuation accounts from erosion due to fees and insurance, and reducing the number of unintended small accounts. This was done by… Continue reading ASIC finds “common problems” with PYSP super fund communications

AustralianSuper adds new Protecting Your Super levy

Super fund AustralianSuper has introduced a new levy to offset the cost the Government’s Protecting Your Super cap on the fees charged to small super accounts, in a move criticised by members of the Government. The Protecting Your Super package of changes included a cap of 3% on the fees that could be charged for… Continue reading AustralianSuper adds new Protecting Your Super levy

ASIC expects better from funds contacting members about insurance

ASIC has warned large super fund trustees to improve their communication with members about upcoming changes to insurance in superannuation. The regulator has called on funds to lift their game, after raising concerns about communications from super funds to members about earlier changes. Super funds already had to contact members about the Protecting Your Superannuation… Continue reading ASIC expects better from funds contacting members about insurance

16% opted to keep insurance after Protecting Your Super changes

More people than expected opted-in to keep their insurance coverage in superannuation after the Protecting Your Super changes, which may have implications for the coming Putting Members’ Interests First changes. Under the Protecting Your Super changes, insurance cover in superannuation would stop for accounts that hadn’t received a contribution for 16 months or more unless… Continue reading 16% opted to keep insurance after Protecting Your Super changes

If you might have multiple super accounts, check them before 31 October

People who might have multiple super accounts are being urged to check their superannuation, before recent changes come into effect at the end of October. Industry Super Australia is urging people who may have multiple super accounts to check their super before the Government’s Protecting Your Super changes start on October 31, which mean inactive… Continue reading If you might have multiple super accounts, check them before 31 October

Last chance to keep insurance in super for people with inactive accounts

This is the last week for people with inactive super fund accounts to tell their funds that they wish to continue their insurance cover, several finance groups have warned. Financial Counselling Australia, the Consumer Action Law Center, and the Australian Institute of Superannuation Trustees, have warned that on 1 July 2019 super funds will cancel… Continue reading Last chance to keep insurance in super for people with inactive accounts

53% unaware of changes to insurance in superannuation on 1 July

Over half of Australians are unaware of changes which could mean they lose insurance cover they have in their super fund from 1 July. A study conducted for the Association of Superannuation Funds of Australia (ASFA) found that 53% of those surveyed were unaware of the changes to insurance in superannuation coming into effect on… Continue reading 53% unaware of changes to insurance in superannuation on 1 July

Short deadlines for Protecting Your Super have super funds worried

Super funds may not be ready to implement the Protecting Your Super package of measures by the deadlines, industry bodies have warned the Government. Last month the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 passed the Parliament. It caps some fees, bans exit fees, and stops insurance for Choice and MySuper products for… Continue reading Short deadlines for Protecting Your Super have super funds worried

This time it’s Labor and the Greens standing in the way of cheaper super

Written by Brendan Coates, Fellow with the Grattan Institute. Parliament is failing workers with superannuation. And this time it’s Labor and the Greens who are doing it. The Coalition’s Protecting Your Super Package Bill was designed to cut the unnecessary costs in super, significantly boosting balances when workers retire. It was gutted in parliament last week… Continue reading This time it’s Labor and the Greens standing in the way of cheaper super

Diminished ‘Protecting Your Super’ Bill passes Parliament

The diminished ‘Protecting Your Super’ Bill has passed the Parliament. Last week the Government, in a deal with the Greens, stripped out the insurance changes from its Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018. The Bill, with other amendments, passed the Senate, and now the House has passed the amended version. Under the… Continue reading Diminished ‘Protecting Your Super’ Bill passes Parliament