On 1 April 2020, the Federal Government’s Putting Members’ Interests First legislation will come into effect.
The changes aim to improve retirement outcomes for super fund members by ensuring you aren’t paying insurance fees for cover you don’t need or want.
Sounds pretty sensible, right? As a profit-to-members fund, we only act in your best interests, and we’re constantly searching for ways to put you in the best possible position for your future.
Here’s the thing about the Government’s new laws, though.
They mean that if a member has standard insurance cover and less than $6,000 in their account, their insurance could be cancelled on 1 April 2020.
If they want to keep their cover, they’ll need to let us know by 31 March 2020. (If this is you, we’ve sent you instructions on how to do this.)
New members who join after 1 April 2020 (and are under 25 or have less than $6,000 in their account) will need to elect to have standard insurance cover. Otherwise, they’ll only receive it once they turn 25 and their balance reaches $6,000 for the first time.
At CareSuper, we believe your decision about whether to have insurance cover is an important one you should make for yourself. For some of us, insurance can make a huge difference if something happens to us out of the blue.
Not sure whether you’re insured or how much for? You can log in to MemberOnline to check anytime.
If you’d like help deciding what to do about insurance cover, as a CareSuper member, you have access to financial advice over the phone as part of your membership.^ Request a call back at caresuper.com.au/advice or call us on 1300 360 149.
For more information about the Putting Members’ Interests First changes, check out the FAQs on our website.
We’re here to provide you with the facts and support you, whatever you decide.
^ Financial advice obtained over the phone, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766