Insurance in superannuation - Voluntary Code of Practice

We are committed to improving outcomes for our members by adopting the Insurance in Superannuation Voluntary Code of Practice (the Code), which came into effect from 1 July 2018. We believe the principles of transparency, fairness, respect, honesty and timeliness align well with our commitment to deliver ‘Super fair and square’.

What is the Code?

The Code is a set of standards developed by the superannuation industry to:

  • improve the value of the insurance cover you receive as part of your super,
  • make it easier to cancel cover you don’t need,
  • simplify the way we communicate about your insurance cover,
  • make sure you get the support you need to understand your cover, and
  • speed up the process for making a death or disability claim.

Once we’ve fully implemented the Code, we’ll be reporting regularly to the three industry bodies responsible for overseeing the Code: the Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST), and the Financial Services Council (FSC).

You can find a copy of the Code here.

How and when we’ll comply with the Code (our transition plan)

We will be working to comply with all the standards of the Code as quickly as possible, but we’ve outlined by when we intend to comply with certain standards.

We’ll keep this page up-to-date if our plans change, or if we’re able to comply earlier.

Date Sections
By 1 July 2019

Sections 4.18 – 4.22 and 4.31 (Cancelling your cover, duplicate insurance cover)

  • You will be able to cancel your cover online, over the phone or in writing and the process will be simple.
  • Our welcome pack, product disclosure statement (PDS), annual report, your annual statement and our website will include clear instructions on how to adjust or cancel your cover.
  • We will try to help you identify any other super fund where you might have insurance to try and avoid you paying for multiple insurance covers you may not be able to claim on.


Section 6 (Supporting vulnerable customers)

  • We will have policies in place to make sure we can support individuals who prefer to communicate in a language other than English, or who have unique needs.


Section 8 (Premium adjustments)

  • Any premium adjustments we receive will be returned to members or used to cover the cost of administering the insurance cover we offer.


Section 11 (Refunds)

  • If we become aware that you were not eligible to claim on your automatic cover, we will refund the premiums you paid for it.


Section 12 (Staff and service providers)

  • We will ensure our staff and service providers have the appropriate training and necessary expertise to deal with you professionally.


Section 13 (Making enquiries and complaints)

We will refine our complaints process and will aim to provide a final response within 45 calendar days.

By 1 January 2020

Section 5 (Helping members make informed decisions)

  • We will have updated our communications, product disclosure statement (PDS) and website to use plain language, to help you find the information you need easily.
  • We will publish a key facts sheet on our website, which will help you to easily compare what we offer with other super funds. The key facts sheet will also be included in your welcome pack.
  • We will communicate with you more frequently about your insurance cover so that you can make sure it continues to meet your needs as your circumstances change.


Section 9 (Promoting our insurance cover)

  • We will review all the material used to promote the insurance cover we offer to ensure it is clear, easy to understand, written in plain language and is not misleading.


Section 10 (Changes to cover)

  • We will improve our communications to you when you request changes to your insurance cover.
  • If cover is offered by the insurer on alternative terms based on your personal circumstances, we will clearly explain the impact of those alternative terms.


Section 15 (Identification of automatic insurance members)

We will identify all the automatic insurance members in our fund - those who have received insurance automatically upon joining the fund - and communicate in advance to them the impact of any changes to benefit design expected at 1 July 2020.

By 1 July 2020

Sections 4.1 – 4.17 (Benefit design and premiums)

  • We will implement processes to prevent the cost of our automatic insurance cover eroding your account balance. This will include regular communications if we stop receiving contributions for you.
  • We will publish our insurance strategy on our website, including an explanation of how we’ve assessed the appropriateness and affordability of our automatic insurance cover.


Sections 4.23 – 4.30 (Communicating to you about your lack of contributions, cessation of cover and reinstatement of cover)

  • We will communicate with you if we stop receiving contributions for you to avoid your account balance being eroded by insurance premiums.
  • If your cover automatically ceases, we will have a clear process for you to follow to reinstate it, if eligible.


Section 7 (Claims handling)

  • We will have refined our process for handling claims to ensure it is as efficient as possible, that delays are minimised and that we have the appropriate systems in place to review the decisions of our insurer in a timely manner.
  • We will provide explanations for decisions in plain language.


Section 14 (Promoting, monitoring and reporting on the Code)

We will have appropriate systems in place to monitor, and annually report on, our compliance with the Code.


Last updated 18 December 2018

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