Insurance in Superannuation Voluntary Code of Practice
AustralianSuper is committed to helping members better understand and manage the insurance cover available through their super.
That’s why we’re adopting the Insurance in Superannuation Voluntary Code of Practice which commenced on 1 July 2018.
What is the Code?
The Code is the superannuation industry’s commitment to high standards when providing cover to their members.
It’s a first for our industry and introduces standards that will provide greater transparency and consistency across the superannuation industry.
The Code is jointly owned by the Association of Superannuation Funds of Australia, the Australian Institute of Superannuation Trustees, and the Financial Services Council. These groups will support the implementation and oversight of the Code.
You can read more about what’s included here.
What does this mean for you?
The good news is, you don’t need to do anything.
AustralianSuper already meets many of the Code’s standards and we’ve developed a transition plan for the remaining items. Our transition plan provides a timeline and outlines what still needs to be done.
The thinking behind our insurance offer
To find out more about how we design the basic level of insurance cover that comes with your super account, read our Insurance Strategy.
It includes information about:
- the insurance principles we adhere to in designing basic cover
- members’ needs, affordability, views and preferences we take into consideration, and
- our claims management approach and philosophy.
About our premium adjustment arrangements
We have a Premium Adjustment Model (PAM) arrangement in place with our insurer, TAL Life Limited. Read our PAM factsheet to learn about:
- our insurance reserve and what it’s used for
- how our insurance reserve is reviewed, and
- the insurance reserve balance at the end of the financial year.