Driving further improvements across the insurance industry.
The Insurance in Superannuation Voluntary Code of Practice is the superannuation industry’s commitment to high standards when providing insurance to fund members.
The Code provides a framework to ensure the insurance cover super funds offer their members is affordable and appropriate to their needs.
The Code will commence from 1 July 2018 and funds have until 30 June 2021 to fully implement it. As part of our commitment, we will publish our plans to transition to the Code by 31 December 2018.
The Code recognises the significant benefits of insurance in superannuation and aims to improve these offerings by promoting industry standards and expectations on a range of key issues – including:
Insurance in superannuation provides a safety net of cover for more than 70 per cent of our 1.1 million members. As a participating member of the Insurance in Superannuation Working Group, we believe the Code will help to ensure the right balance between providing adequate insurance cover and protection of members’ superannuation savings for retirement.
The Code recognises that there is no one-size-fits-all approach to insurance and gives funds the flexibility to continue providing unique features and services designed specifically with their members in mind. This is important to our members, who are typically young and working in casual or seasonal employment patterns, that can also include extended travel and maternity leave periods.
The good news is we already meets most aspects of the Code, having tailored our group insurance to suit the needs of our 1.1 million members working in the hospitality, tourism, recreation, sport and related industries.
So, while you don’t need to do anything, it’s important to remember you can change or opt-out of your insurance cover at any time.
Find the right level of cover to suit your needs and your budget with our quick reference page filled with tools and resources to guide your insurance choices.
As part of our commitment to the Code, we will publish our plans here by 31 December 2018 to transition to the Code which will come into full effect on 30 June 2021.
You can view the Insurance in Superannuation Voluntary Code of Practice here.
You can read our press release here.