Putting Members’ Interests First

The Federal Government recently introduced the ‘Putting Members’ Interests First’ legislation to help reduce the chance of members’ super being eroded by insurance costs while they’re building up their balance.

Does this legislation affect me?

It might – the legislation means that from 1 April 2020 basic cover can only be provided automatically if you’re 25 or over; and have a super balance of $6,000; and you’re receiving employer contributions (age limits and other conditions apply).

But if you want your cover to start earlier you can apply for it. Read the Insurance in your super guide for your division to learn how.

If your super balance reached $6,000 anytime between 1 November and 1 April 2020, your cover will continue even if your super balance falls below this amount in the future.

Do I need insurance cover through my super?

If you’re not sure, you should consider getting advice to help work out what cover you need (if any) and how much is right for you.

For simple advice you can call 1300 300 273 and speak with an advice team member or you can arrange a face-to-face meeting for more comprehensive advice.

More advice options are available at australiansuper.com/advice

Frequently asked questions

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