Insurance in Superannuation

Insurance in Superannuation

Submissions are welcomed on Insurance in Superannuation Working Group discussion paper.

The Insurance in Superannuation Working Group (ISWG) has released the first of a series of discussion papers which propose possible changes to insurance arrangements within superannuation.

The ISWG is committed to improving consumer value and experience. The paper asks for submissions from stakeholders on the proposed solutions to balance superannuation contributions allocated to saving for retirement versus automatic insurance benefits.

Industry and stakeholder feedback will help shape an enforceable Code of Practice and Good Practice Guidance for Trustees, to be published by the ISWG later this year.

The ISWG is comprised of Australia’s superannuation bodies, the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA), the Financial Services Council (FSC), Industry Funds Forum (IFF) and Industry Super Australia (ISA), who share the common belief that group insurance in superannuation is fundamentally the right policy setting for millions of Australians. This group also includes representative life insurers, superannuation funds and consumer representatives.

A further two discussion papers are due to be published in coming weeks and will be published here also.

Download the Discussion Paper on Account balance erosion due to insurance premiums here

How to make a submission

Submissions should be sent to ISWG-PMO@kpmg.com.au no later than 7 April 2017.

For any enquiries please contact Richard Watts at rwatts@industrysuper.com