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Showing 21 - 30 of 41 results for "PYS"

Super body opposes member interests bill

HARRISON WORLEY  |  MONDAY, 22 JUL 2019
... in the firm's submission. AMP revealed more than 5000 of its superannuation customers with inactive accounts under the PYS had elected to retain their insurance cover. However, the wealth manager said to comply with the PMIF bill it would need to ...

PYSP communication divides opinion

KARREN VERGARA  |  TUESDAY, 9 JUL 2019
Industry opinion about how effectively the Protecting Your Super reforms were communicated is mixed, according to Financial Standard 's recent spot poll. We sought to find out if trustees communicated the PYSP legislation in a clear, timely and ...

Industry fund to increase premiums

KARREN VERGARA  |  MONDAY, 8 JUL 2019
... death only cover by 10%. The new fee structure, which was reviewed with life insurance partner TAL, formed part of the new PYS legislation. However, the super fund said it made improvements simultaneously. TPD payments will no longer be made in instalments. ...

PYSP queries inundate super funds

KARREN VERGARA, JAMIE WILLIAMSON  |  FRIDAY, 5 JUL 2019
Superannuation funds are struggling with a barrage of Protecting Your Superannuation Package queries from members, leaving many frustrated and waiting on the phone. AustralianSuper, Australian Ethical, Australia Post Superannuation Scheme, CareSuper ...

APRA warns trustees on PYSP deadline breach

KARREN VERGARA  |  WEDNESDAY, 3 JUL 2019
APRA has warned trustees that failed to comply with the July 1 Protecting Your Superannuation Package deadline to inform the prudential regulator straight away. A trustee that breaches the PYSP legislation at the product level application or the fixed-term ...

Reforms see super fees in flux

HARRISON WORLEY  |  MONDAY, 1 JUL 2019
The PYS package, effective today, has forced the sector to consider changes to fee structures and group insurance premiums. With the package set to cap the amount of fees that can be charged to low-balance members and divert low-balance accounts deemed ...

Sunsuper slashes fees

KARREN VERGARA  |  FRIDAY, 28 JUN 2019
... ASIC being clear that funds should disclose all fees gross of tax to ensure transparency and comparability," he said. The PYS legislation has prompted other funds to increase fees and insurance premiums. GuildSuper, Childcare Super, AustralianSuper ...

Superannuation fund cuts fees

HARRISON WORLEY  |  THURSDAY, 27 JUN 2019
... year, and founder Adam Verwey believes it demonstrates the difference between Future Super and the wider super sector. "The PYS reforms are meant to be sending a strong signal to the superannuation industry that they need to do more to protect the savings ...

Group life premiums topple benefits paid: Research

KARREN VERGARA  |  WEDNESDAY, 26 JUN 2019
... of research Alex Dunnin, it's no surprise that insurers are fighting hard against the Protecting Your Superannuation (PYS) reforms for opt-in insurance for young people. "Some of these millennials and Gen-Ys are getting slugged with fees of up to ...

PDS should reflect PYSP changes: ASIC

KARREN VERGARA  |  MONDAY, 24 JUN 2019
ASIC is reminding superannuation funds to update product disclosure statements to disclose exit fees will no longer be charged under the 1 July 2019 changes. ASIC has amended Class Order 14/1252 to align with the Treasury Laws Amendment (Protecting ...