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From 1 April 2020, the Government’s Putting Members’ Interests First reforms requires insurance in superannuation for certain members only be offered on an opt-in basis, to help protect their retirement savings from being eroded by unwanted insurance premiums.
From 1 April 2020 Accumulation account members who:
will not receive default insurance cover (death cover, total and permanent disability (TPD) cover, and/or Income Protection cover) unless they choose to apply and opt in.
In the lead up to these changes taking effect, QSuper wrote to impacted members with a balance below $6,000 to let them know of the changes and the options available and that if they want to keep their cover beyond 1 April 2020, they will need to permanently opt in.
Importantly, these changes will not prevent anyone who wants insurance within superannuation from being able to obtain it, provided they meet the eligibility criteria.1
Please click here to read how these changes affect new QSuper members.
As part of the Government’s changes, superannuation funds can select occupations that they deem to be dangerous and exclude them from these new rules. QSuper is choosing to exclude all employees of the following Queensland emergency services from these changes, under the Dangerous Occupation Exception:
Queensland Police Service (QPS)
Queensland Ambulance Service (QAS)
Queensland Fire and Emergency Service (QFES)
To access a copy of our Product and legislation update November 2019, visit: qsuper.qld.gov.au/disclosure.
You can tell employees to head to qsuper.qld.gov.au/misc/insurance-changes to read FAQS about how QSuper is responding to these reforms and what it may mean for them.
Further information is also available on ASIC’s Money Smart website: moneysmart.gov.au.
If any of your employees is concerned about the impact of these changes, they may benefit from seeking personal financial advice or calling Member Services on 1300 360 750.
Of course, if you need more information on these reforms and how they could affect you and your staff, we’re always here to help – just contact your Relationship Manager.
1. Members may be required to provide health and other information at the time of application, and cover will start on the day it’s accepted. Insurance cover will be subject to the terms and conditions applying at that time. Refer to the Accumulation Account Insurance Guide issued 1 July 2019, for more information.
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