Transition Plan: 31 December 2018

The Australian Catholic Superannuation and Retirement Fund’s Trustee stated their intention to adopt the Insurance in Superannuation Voluntary Code of Practice (Code), which commenced on 1 July 2018.

The Code covers the provision of the Fund’s Death, Total and Permanent Disablement and Income Protection insurance cover.  We comply with a number of the items of the Code and will refining our design and process to comply with the detailed sections of the Code, where it is determined that the change would be in the best interests of members and therefore appropriate to follow.

Our insurance is due for renewal 1 July 2020 and our plan is to implement the design and process changes at this time.

Code Requirements Implementation Date
 

Section 4: Benefit design and premiums

 1 Jul 2020
 

Section 4: Automatic cessation of cover and reinstatement

 1 Jul 2020

Sections 5,6,7,9,10,11,12,13 and 14

 31 Dec 2020
 

Section 8 – Premium adjustments

The section is not applicable as the Trustee does not have a profit share arrangement with the insurer.

 Not applicable

For more details on the Code, download the Code here.

31 March 2018

Recently the main super industry associations released the Insurance in Superannuation Voluntary Code of Practice (Code) to guide super fund trustees in exercising their duties in relation to the provision of insured death and disablement benefits to members. The Fund’s Trustee intends to comply with the Code that is due to commence on 1 July 2018, subject to permitted transition arrangements.  In the coming months, the Trustee will be carefully examining the detail of each of the various components of the Code having regard to the interests of our members, taking into account any operational, resourcing and administrative implications. The Trustee will then:

 

  • Confirm the extent of its current compliance with the Code ; and
  • Develop a transition plan for compliance with any outstanding requirements of the Code, that the Trustee determines would be in the best interests of members and therefore appropriate to follow.