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Issue 798, 13 April 2021 
In this issue: 

 

Insurance in Superannuation Voluntary Code of Practice: survey of signatories

The Code owners of the Insurance in Superannuation Voluntary Code of Practice (Code), AIST, ASFA and FSC, note that many funds are well progressed in implementing the Code. However, the Code owners are seeking the views of their members on the impact that recent legislative changes (including the implementation of the Protecting Your Super/Putting Members’ Interests First reforms) have had on the viability of the Code. While we have agreed to defer the start date to 1 January 2022, the Code owners believe it is important to now make a decision on the future of the Code. The Code owners are jointly seeking your feedback. Specifically, could you please advise;
 

Do you agree that the Code should be registered with ASIC and for certain provisions to be made enforceable (with civil penalties), and subject to broader overview and enforcement through an industry funded code compliance committee? Y/N?

If No: 

  1. Do you agree the measures to support vulnerable consumers should be non-enforceable guidance from your association, rather than part of an enforceable code? Y/N
     
  2. Do you agree that the claims handling provisions of the Code should be non-enforceable guidance from your association, rather than part of an enforceable code? Y/N 

Please forward any feedback you may have to Byron Addison, Senior Policy Adviser, by close of business Wednesday, 21 April. If you have any questions, please email or contact Byron on 02 8079 0834.

 

Reuniting more superannuation reforms: regulations 

The Government has made regulations supporting reforms recently enacted via the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021
(see ASFA Action issue 795 for background). 

The Act: 

The Government has now made the Treasury Laws Amendment (Reuniting More Superannuation) Regulations 2021 to support those reforms. The regulations amend the Superannuation (Unclaimed Money and Lost Members) Regulations 2019, the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997 to: 

 

Superannuation caps and thresholds indexed 

The ATO has published the superannuation caps and thresholds for 2021-22, several of which have been indexed for the first time since 2017.

Some of the key caps and thresholds for 2021-22 are as follows:  

 

Coronavirus early release of superannuation: ATO program report 

The ATO has published a report providing final statistics on the Coronavirus early release of superannuation initiative.

TheCOVID-19 Early release of super report (20 April – 31 December 2020) provides statistics about applications from the commencement of the initiative on 20 April 2020 through to its closure on 31 December 2020. It includes: 

 

 

ASFA REGULATORY WATCHLIST

ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

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