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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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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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