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Showing 1 - 10 of 41 results for "PYS"

Major super reforms cost members $670m in death benefits: ASFA

KARREN VERGARA  |  FRIDAY, 6 MAR 2026
The Protecting Your Super Package (PYS) and the Putting Members' Interests First (PMIF) reforms result in $670 million in foregone death benefits each year, new research from the Association of Superannuation Funds of Australia (ASFA) shows. Seven ...

Systemic issues impact 20k consumers: AFCA

MATTHEW WAI  |  MONDAY, 11 NOV 2024
... found that super funds have common issues in two categories: system errors and non-compliance with Protecting Your Super (PYS) legislation. In one example, a fund's system error resulted in a consumer loss due to a trade in which the system was not able ...

Major decline in group insurance coverage: ASFA

ANDREW MCKEAN  |  WEDNESDAY, 28 FEB 2024
... coverage, pointing the finger at recent reforms. ASFA research indicates that the implementation of the Protecting Your Super (PYS) and Putting Members Interests First (PMIF) policies have contributed to a substantial reduction in superannuation insurance ...

Spirit Super drops fees after merger

KANIKA SOOD  |  THURSDAY, 1 APR 2021
Tasplan and MTAA Super's $23 billion merged fund, Spirit Super, has reduced the weekly administration fees for members by 13.4%. Effective today, the administration fees are reducing from $1.50 per week to $1.30 per week. The merged fund has also ...

PYSP reunites $4.3bn of lost super

KANIKA SOOD  |  FRIDAY, 19 MAR 2021
The Protecting Your Super Package legislation which asked super funds to hand over inactive accounts to the Australian Taxation Office (ATO) has returned $4.3 billion to members in about 17 months. Between 1 November 2019 and 28 February 2021, nearly ...

What you read in 2020

JAMIE WILLIAMSON  |  FRIDAY, 18 DEC 2020
... addition to the fees they were already paying. The fund said the fee was needed to cover a shortfall that was the result of the PYS legislation, saying: "This reduces the funds available to cover administration costs, products and services for all members. ...

Vision Super increases premiums

ELIZABETH MCARTHUR  |  TUESDAY, 8 DEC 2020
... cover our members have." The spokesperson said the rise is due to several factors, including government changes (PMIF and PYS reducing the insurance pool), an increase in claims, and the impact of COVID-19. Vision Super has also altered the definitions ...

Underinsurance gap worsens: Research

KARREN VERGARA  |  FRIDAY, 20 NOV 2020
... This includes the Insurance in Super Voluntary Code of Practice, Life Insurance Framework reforms, Protecting Your Super (PYS)/ Putting Members' Interests First (PMIF) legislation and COVID-19, according to the firm's 2020 underinsurance report. ...

Link suffers in COVID environment

ELIZA BAVIN  |  THURSDAY, 27 AUG 2020
... meeting technology," McMurtie said. "We successfully worked through various legislations including Protecting Your Super (PYS), Putting Members Interests First (PMIF) and the COVID-19 ERS scheme. All of these initiatives required a high level of investment ...

Aware Super unaware of members with disabilities

KANIKA SOOD  |  MONDAY, 20 JUL 2020
First State Super's planned rebrand to Aware Super last week ran into trouble when the fund failed to disseminate the information in formats accessible to all members. A First State Super member, who has a hearing impairment, wrote to the fund's ...
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