The Insurance in Superannuation Voluntary Code of Practice (‘the Code’) started on 1 July 2018.
TWU Nominees Pty Ltd ABN 67 002 835 412, AFSL No 239163 (‘TWUSUPER’, ‘our’, ‘we’) intends to comply with the Code to the extent that the Code’s provisions are in line with the best interests of our members. While we already comply with many aspects of the Code, we will continue to review our insurance benefit design and processes against the new benchmarks set out in the Code.
The Transition Plan sets out the key dates by which TWUSUPER intends to implement any outstanding requirements of the Code. These dates will be updated, should there be any changes.
TWUSUPER’s insurance philosophy includes a focus on benefit design and providing a base level of cover for death and TPD cover that is appropriate and affordable, and at a cost that does not inappropriately erode retirement account balances.
1 April 2020: Cancelling of cover and claims handling
- provide options for the reinstatement and recommencement of cover regarding the Code and the Protecting Your Super (PYS) legislation, and
- review all claim decisions within the required timeframes under this Code.
TWUSUPER intends to comply with the remaining requirements of the Code as early as possible, but no later than 30 June 2021 to allow time to work with our service providers, existing contractual arrangements and current legislative changes.