Monday, 15 June 2020By Nat Binns, General Manager Insurance Solutions
The government has passed legislation to protect inactive, low-balance members and members under 25 from having their retirement savings reduced over time by super and investment fees and insurance premiums. The Putting Members’ Interest First legislation (PMIF) commenced on the 1 April 2020, so now’s a good time to remind your employees about changes to the insurance within their super.
Before April 2020, your employees were automatically covered by insurance in their super. As a result of PMIF:
- If you have new employees who are under 25, or have a super balance under $6,000, and they join Rest from 1 April 2020, they will no longer receive automatic default insurance cover
- However, they have the option to opt-in to receive insurance cover within the first 180 days of commencing employment.
Any of your existing employees impacted by PMIF have been contacted by Rest and given the option to maintain their cover. Some of your employees may have had their cover cancelled as a result of no longer being eligible and not taking action.
We’ve made it easy to get insurance sorted
We’ve worked with our insurer, TAL Life Limited (TAL) to give members access to an online insurance portal. Here members can log in through rest.com.au/memberaccess. It will provide members with:
- New opt-in to insurance option
- New self-service options:
- Submit Life Event Cover application
- Transfer insurance from another provider
- Increase, decrease and cancel insurance online
Help educate your employees with Rest
We’ve put together an employer toolkit for you to help guide your employees to understand the insurance changes and impacts the coronavirus could have on their insurance.