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

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 from providing insurance to new… Continue reading Putting Members’ Interests First opt-in insurance changes pass Parliament

Insurance in super opt-in Bill amendments fail in House

Labor has failed in its attempts to amend the Government’s opt-in insurance in superannuation Bill in the House of Representatives, but more attempts at amending it are likely in the Senate. The Government is taking a third attempt at changing insurance in superannuation so it is opt-in, instead of opt-out, for new members under age… Continue reading Insurance in super opt-in Bill amendments fail in House

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 people. This was one of… Continue reading Opt-in insurance in super change may be pushed back to December 2019

Super insurance opt-in Bill unlikely to pass before 1 October start date

A Bill to make insurance opt-in for younger people is unlikely to pass before the proposed start date for the measure of 1 October 2019, as it has been sent to a Senate Committee. The Government has introduced the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019, which is substantially the same Bill that… Continue reading Super insurance opt-in Bill unlikely to pass before 1 October start date

Opt-in superannuation insurance legislation reintroduced

The Government has reintroduced its proposed changes to insurance in superannuation in a new Bill, after stripping the changes out of a Bill already in the Senate. Last week the Government dropped most of proposed changes to make insurance opt-in, instead of opt-out, for some super fund members. These changes were contained in the Government’s… Continue reading Opt-in superannuation insurance legislation reintroduced