![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2019\/09\/Sally-Loane-v2-e1569304980851.jpg\")
<\/a>The ‘Treasury Laws Amendment (Putting Members’ Interests First) Act 2019<\/em>‘ will require insurance in superannuation for new members under 25 and members with low balance accounts to only be offered on an opt-in basis from a delayed implementation date of 1 April 2020.<\/p>\n Following passage of the legislation, a joint release from the Treasury and the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume<\/strong>, noted this means “…the hard-earned retirement savings of millions of Australians will be protected from undue erosion through inappropriate insurance arrangements.”<\/p>\n The legislation included a targeted exemption that will allow trustees to elect to provide insurance on an opt-out basis to members employed in emergency services such as police, ambulance officers or firefighters, or other workers employed in the top 20 per cent riskiest occupations.<\/p>\n The joint release noted, “Importantly, these changes will not prevent anyone who wants insurance within superannuation from being able to obtain it: low balance account holders and young members will still be able to opt in if they want to take out insurance.”<\/p>\n In a release responding to the passage of the legislation, FSC CEO, Sally Loane<\/strong>, said amendments to provide additional time for impacted super fund members to opt into insurance were a sensible, consumer-focused change to the legislation:<\/p>\n \u201cThese changes will ensure that super funds have additional time to engage with their members about the changes, and that consumers will have time to make informed decisions about their insurance needs,\u201d Ms Loane said.<\/p>\n Loane also urged consumers to act: \u201cChecking your super has never been easier \u2013 pick up the phone to your fund and discuss your options, because for some under 25-year olds, like those in high risk occupations or with young families, life insurance is a vital safety net.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The Government’s ‘Putting Members’ Interests First’ Bill became law last week, in a move the Coalition says will protect the retirement savings of low-balance and young super members from ‘…inappropriate insurance.’<\/p>\n","protected":false},"author":3,"featured_media":46460,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,5622],"tags":[4247],"class_list":["post-46434","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-superannuation","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=46434"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/46460"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=46434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=46434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=46434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}…low balance account holders and young members will still be able to opt in if they want to take out insurance<\/h6>\n