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Showing 1 - 10 of 39 results for "PYS"

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 ...

AustralianSuper PYS fee under scrutiny again

ELIZABETH MCARTHUR  |  WEDNESDAY, 15 JUL 2020
ASIC has been questioned over whether it should have intervened when AustralianSuper introduced a new fee named after the Protecting Your Super legislation. In January AustralianSuper increased its admin fee, saying that from April 1 members would start ...

How PYS changes caused 34% premium hikes

ELIZABETH MCARTHUR  |  THURSDAY, 2 APR 2020
... 34%. A spokesperson for TAL said the insurer does not comment on specific client arrangements but did say that the impact of PYS legislation is being felt. "The effect of legislation introduced in 2019 in relation to the provision of life insurance through ...
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