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Putting Members' Interests First

From 1 April 2020, insurance rules change for super fund members under age 25 or with an account balance below $6,000.  

What is Putting Members' Interests First Legislation (PMIF)?

Most people automatically get Death and Total & Permanent Disablement (TPD) insurance when they join a super fund.

Due to recent government changes, for some  members this will be switched off on 1 April 2020 unless they make a choice to keep it.

  • Existing members with account balances yet to reach $6,000 at least once as at 1 November 2019 must let their super fund know by 31 March 2020 if they want to keep their cover or they may have their insurance cancelled.
  • New members joining from 1 April 2020 need to be aged 25 or over, and have an account balance of $6,000 or more, for insurance to be automatically provided. Members who are under 25 must opt in manually.

Superannuation members share why they decided to keep their insurance

Superannuation members share why they opted out of their insurance 

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