As you are aware, the Protecting Your Super (PYS) package passed through Parliament in February this year. From 1 July 2019, funds can no longer provide insurance on accounts which have not had a contribution in the preceding 16 months, unless a fund member actively opts to retain their cover.
It is the view of a range of ASFA members that many fund members do not realise they will be affected by these changes, despite considerable efforts by funds to communicate with them. The timeframe for members to opt in is very tight.
We have worked with a number of insurers and funds as well as the FSC, to pull together a public education campaign. The intention is to develop an engaging communications campaign that will drive Australians to check whether their insurance through superannuation will be impacted as a result of the PYS changes and educate them on how to make a choice.
The objectives are to:
- Create broad base awareness and understanding around the effects of the changes on 1 July
- Engage relevant audiences, drive them to consider their own situation and check whether it impacts them (specifically to encourage them to open mail, emails or read SMS from their fund)
- Educate impacted members on the options available, the effect of these and what they should do to action their choice
Importantly, the messaging will provide balanced education on the available options, without steering or influencing the decision.
What the campaign entails
- Video and online content will run across multiple channels including digital, social and broadcast during the month of June, with a target of reaching 12.3 million Australians
- We will also pitch the story to news outlets
The campaign creative content will build on the fact that funds have been communicating with members. It will strongly encourage members to read that communication and take action / make a choice (even deciding not to do anything and let insurance cover lapse, is a choice).
The specific call to action will be to read and follow the instructions provided by their fund. We will also encourage people to log on to myGov to check they know about all their super funds.
When the campaign creative material is finalised, I will write to you again to share it. In the meantime, please contact ASFA if you have any questions.
Chief Executive Officer, ASFA