Insurance in Superannuation Voluntary Code of Practice
This Code which comes into effect from 1 July 2018 is a first for the industry and sets standards that will provide greater understanding, clearer accountability and consistency of delivery for insurance benefits provided in superannuation across the industry.
The Code improves superannuation member value and protections and is a strong step towards enhancing member interests and helping build confidence in life insurance through superannuation.
ASFA, the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC) are the owners of the Code, supporting their respective members to implement the Code.
The Code is voluntary for superannuation funds to adopt and ASFA anticipates the vast majority of superannuation members will be in funds that have adopted the Code.
The list of ASFA members who have stated intent to adopt the Code is as follows:
|ANZ Australian Staff Superannuation Scheme
||Commonwealth Bank Group Super
||Russell Investments Master Trust
|Australian Catholic Super
|Australian Ethical Superannuation
|BT Financial Group
||First State Super
||Guild Trustee Services
||Towers Watson Superannuation Fund
|Club Plus Super