Putting Members’ Interests First (PMIF) FAQs

On 1 April 2020, the Federal Government’s Putting Members’ Interests First (PMIF) legislation came into effect. PMIF aims to improve the retirement outcomes for super fund members by ensuring they aren’t paying insurance fees for cover they don’t need or want.

If you have questions about these changes and what you should know, take a look at our FAQs.

Something to bear in mind, these new laws are different to the Protecting Your Super (PYS) laws which were introduced in July 2019.

Overview
What are the Putting Members’ Interests First (PMIF) laws?

The PMIF laws affect standard insurance cover in super.

By law, super funds are required to provide a certain level of insurance cover to eligible members to ensure that they’re covered for death or serious injury.

The key PMIF changes are:

  • Prior to 1 April 2020: Members with standard insurance cover and an account balance that did not reach $6,000 at any time between 1 November 2019 and 31 March 2020 needed to let us know before 1 April 2020 if they wanted to keep their cover
  • From 1 April 2020: Eligible members will receive standard cover at the latter of:
    • Receiving their first mandated employer contribution
    • Their account balance reaching $6,000, or
    • Turning age 25.
Why has the Federal Government introduced these changes?

To improve the future balances of super fund members by ensuring they’re not paying for cover they may not need or want.

Who is affected by these changes?
  • Prior to 1 April 2020: Members with standard insurance cover and an account balance that did not reach $6,000 at any time between 1 November 2019 and 31 March 2020 needed to let us know before 1 April 2020 if they wanted to keep their cover
  • From 1 April 2020: Eligible members will receive standard cover at the latter of:
    • Receiving their first mandated employer contribution
    • Their account balance reaching $6,000, or
    • Turning age 25.*

*Age criteria only applies if you joined CareSuper on or after 1 April 2020.

I’m a member
Here’s how you might be affected by these laws.
I’m in a corporate insurance arrangement
You might be affected by these laws in the future.
I’m an employer
See how your employees are affected by these laws.