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Showing 41 - 50 of 79 results for "Default insurance"

Putting Members' Interests First Bill reintroduced

KARREN VERGARA  |  FRIDAY, 5 JUL 2019
... balances below $6000 unless a member has directed the super fund to do so otherwise. "This will better target default insurance cover and prevent inappropriate erosion of retirement savings caused by insurance premiums," the explanatory memorandum reads. ...

PYSP puts SMSFs at risk

HARRISON WORLEY  |  THURSDAY, 6 JUN 2019
... potential impact of the changes, amid fears many are unaware of their existence. AIA chief executive Damien Mu said default insurance in super was "by far" the most sustainable system for protecting Australians, and added it was "simply not the case" ...

Superannuation bills on hold

KARREN VERGARA  |  MONDAY, 15 APR 2019
... pieces of legislation, including the protection of young superannuation members and low-balance accounts from default insurance premiums, have been put on ice. Treasury Laws Amendment (Putting Members' Interests First) Bill 2019, a highly anticipated ...

Protecting Your Super Package will cross finish line: Treasurer

KARREN VERGARA  |  TUESDAY, 2 APR 2019
... enable superannuation fund members with a balance less than $6000 and new members aged under 25 to opt-in to default insurance has been pushed back to 1 October 2019. This part of the Bill was deferred following a deal between the Greens and Coalition. ...

AustralianSuper hikes insurance fees

KARREN VERGARA  |  TUESDAY, 2 APR 2019
... changes. On 1 June 2019, the cost of TPD and income protection cover will rise for AustralianSuper members with default insurance. "Every year we review our insurance offering, including the cost of it, what we offer, claims made and paid, and any legislative ...

Treasury proposes standardised default insurance definitions

KARREN VERGARA  |  FRIDAY, 29 MAR 2019
Commissioner Kenneth Hayne's push to have standardised terms and definitions for group insurance is open for consultation until April 26. Treasurer Josh Frydenberg is taking recommendation 4.13 from the Royal Commission's final report further by determining ...

Industry funds wary of stapling default members

KANIKA SOOD  |  FRIDAY, 15 FEB 2019
... an end to exit fees and introduced a cap on fees for lower-balance accounts. But the proposal to get rid of default insurance for accounts less than $6000 did not go through, following a deal between the Greens and the Coalition Government. Two recommendations ...

Government carves out super deal

HARRISON WORLEY  |  FRIDAY, 15 FEB 2019
... the provisions completely was not necessary," he said. "Regardless, Industry super funds will strive to ensure default insurance arrangements remain cost effective and matched to the insurance needs of members taking into account age and other factors ...

PC calls for group insurance review

KARREN VERGARA  |  FRIDAY, 11 JAN 2019
... opt-out - as opposed to an opt-in basis - and consider more "prescriptive regulation" for the sector. While default insurance in superannuation offers good value for many members, it offers little or no value to some, it said. This is because it is "ill-suited" ...

Productivity Commission shakes up default superannuation

KARREN VERGARA  |  THURSDAY, 10 JAN 2019
... assess the list every four years based on investment strategy and performance, fees, governance and innovation default insurance arrangements. The ATO would implement the new default model by providing an online service for members to pick from the shortlist ...