Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

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… Read More »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… Read More »16% opted to keep insurance after Protecting Your Super changes

Putting Members’ Interests First opt-in insurance changes pass Parliament

The Government’s opt-in changes to insurance in superannuation, in the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019, have passed the Parliament. The soon-to-be Act will make insurance in superannuation opt-in for many young people and for low balance super accounts. Under the changes super funds will be prevented… Read More »Putting Members’ Interests First opt-in insurance changes pass Parliament

Opt-in insurance in super change may be pushed back to December 2019

Making insurance in superannuation opt-in, instead of opt-out, for young people may be pushed back several months, but it is unlikely to exempt people with high-risk jobs – despite this previously being Government policy. The Government recently re-introduced to Parliament a Bill to make insurance in superannuation opt-in for young… Read More »Opt-in insurance in super change may be pushed back to December 2019