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Putting Members’ Interests First

Published March 2020

 

The Putting Members’ Interests First (PMIF) legislation aims to ensure that superannuation savings are not eroded by the cost of insurance cover that members may be unaware they have or don’t need.

Starting 1 April 2020, super funds are unable to provide automatic insurance cover for members who are under 25 or have a balance less than $6,000.

Members who don’t meet age and balance requirements will be provided the opportunity to opt-in to insurance cover by completing and returning an Insurance Opt-in nomination form after they join the fund.

Subject to reasonable terms and conditions, the trustee may later provide a MySuper member with insurance cover once their account balance reaches $6,000, provided they are at least age 25 at the time.

Exceptions

The legislation allows for exceptions, including where a member:

  • has their insurance fees (premiums) paid by their employer
  • works in an occupation classified by the super fund’s trustee as a ‘dangerous occupation’, or
  • is an emergency services worker.

Dangerous Occupations

The trustee of ANZ Smart Choice Super has made an Election that members employed in the occupations listed in its Dangerous Occupation Exception Election are covered by the dangerous occupation exception.

Members will receive a further communication from the trustee – either confirming that their insurance cover has not been cancelled as they meet our Dangerous occupation exception, or that their insurance cover will be cancelled as part of the Putting Members’ Interests First legislation. 

It’s important that you keep us updated on changes in your occupation given these occupation exceptions.   

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Previous important changes and information

Important changes and information – November 2019
 

The latest updates and insights on Smart Choice Super.

Important changes and information – August 2019
 

The latest updates and insights on Smart Choice Super.

Important changes and information - August 2019
 

A summary of significant product, insurance or regulatory changes that may impact your ANZ Smart Choice Super account.

Important changes and information - May 2019
 

Latest updates and insights on your super, that are relevant to you.

Important changes and information – November 2018
 

A summary of significant product, insurance or regulatory changes that may impact your ANZ Smart Choice Super account.

“ANZ Smart Choice Super” is a suite of products consisting of ANZ Smart Choice Super and Pension (PDF 113kB)ANZ Smart Choice Super for employers and their employees (PDF 122kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 124kb). The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at anz.com/smartchoicesuper. ANZ Smart Choice Super is part of the Retirement Portfolio Service (the Fund) (ABN 61 808 189 263) and is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OPC), the trustee of the Fund. OPC is a member of the IOOF Group of companies, comprising IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the IOOF Group of companies (including OPC) are not related bodies corporate. ANZ does not guarantee these products.

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid. 

This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

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Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880. For a copy of the latest SuperRatings research, click here (PDF 452kB).

For more information, visit moneymag.com.au, selectingsuper.com.au and superratings.com.au SuperRatings does not issue, sell, guarantee or underwrite this product. Learn more about SuperRatings' criteria.