Public awareness campaign: Time to Check
The “When did you last check your super?” campaign aims to help Australians properly understand the Protecting Your Super (PYS) package.
ASFA has been working with a number of members—insurers and fund trustees—as well as with the Financial Services Council to develop a public awareness campaign around PYS, which comes into effect on 1 July 2019.
This legislation is intended to prevent the erosion of superannuation account balances by fees, but many people are unaware that their insurance policies could be cancelled as a result, regardless of their age or the size of their superannuation fund balance.
Any superannuation account that has not had contributions for at least 16 months will have its insurance policy cancelled.
Why we are asking Australians “When did you last check your super?”
Despite the considerable effort funds have made to communicate these changes to their members, there is concern many Australians do not realise the changes will affect them and the timeframe to opt in is very tight. Our new research has shown more than half of Australians are unaware of the changes to life insurance cover.
The campaign drives Australians to check whether their insurance through superannuation will be impacted as a result of the PYS changes through the website timetocheck.com.au and educates them on how to make a choice.
In the lead up to 1 July, we encourage everyone, members and non-members alike, to share this campaign so more Australians will be aware of these important changes.
You can support the campaign by sharing timetocheck.com.au, sharing the YouTube video below, or creating your own social media post to encourage Australians to make a deliberate choice on their superannuation and insurance.