Insurance opt-in for low balance and new superannuation accounts for under 25s

4 April 2019
 
 
The Government will delay the start date to 1 October 2019 for ensuring insurance within super is only offered on an opt-in basis for accounts with balances of less than $6,000 and new accounts belonging to those members under the age of 25.

These changes currently before Parliament aim to protect the super of young people and those with low balances by ensuring their superannuation is not unnecessarily eroded by premiums on insurance policies they do not need or may not be aware of.

The changes are aimed at reducing the incidence of duplicate cover so that members are not paying for multiple insurance policies, which they may not be able to claim on.

 

This information has been prepared by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980 on behalf of TWU Nominees Pty Ltd (ABN 67 002 835 412, AFSL 239163) as the trustee for TWUSUPER (ABN 77 343 563 307).  TWUSUPER is not responsible for the content or any errors or omissions in the information provided. TWU Nominees Pty Limited ABN 67 002 835 412, AFSL 239163 (‘TWU Nominees’), is the trustee of TWU Superannuation Fund (TWUSUPER) ABN 77 343 563 307 and the issuer of interests in it. This document is of a general nature only and does not take account any of your objectives, financial situation or needs. Before acting on the information, you should consider its appropriateness having regard to your objectives, financial situation and needs. A copy of the current Product Disclosure Statement should be obtained from us (by calling 1800 222 071 or visiting twusuper.com.au/pds) and considered carefully before you make any decision in connection with TWUSUPER. "MERCER" is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2014 Mercer LLC. All rights reserved.

2019 Federal Budget announcements are proposals only. They have not been legislated and may be subject to change.

The material contained on this site is based on information received in good faith from sources within the market and on our understanding of legislation and government press releases at the date of publication which we believe to be reliable and accurate. TWUSUPER, Mercer or any of its related parties do not accept any responsibility for any inaccuracy.