Putting Members' Interests First
The government passed new laws which come into effect on 1 April 2020. These laws are referred to ‘Putting Members' Interests First’ (PMIF) legislation and are designed to protect low balance super accounts from being eroded by insurance premiums.
From 1 April 2020 if you’re a new member who joins the Plan, you’ll be required to be at least 25 years of age and have a balance of at least $6,000 before default cover can commence.
Things you can do if you would like insurance cover in your super account:
- If you are a new member, you can complete the Default cover insurance opt-in election as part of the application process (or within 120 days of joining).
- If you are under age 25 you can elect to receive default cover within 120 days of joining the Plan by completing a Default cover opt-in election.
- Existing members, can complete an insurance opt-in election for inactive members at any time before your insurance cover ceases.
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