LUCRF Super welcomes a new insurance code of practice

A voluntary code of practice has been created specifically for insurance in super. 

Released in December 2017 and owned and overseen by key industry bodies:
•    the Association of Superannuation Funds of Australia (ASFA)
•    the Australian Institute of Superannuation Trustees (AIST), and 
•    the Financial Services Council (FSC),
the Insurance in Superannuation Voluntary Code of Practice (the Code) will come into effect from 1 July 2018. 

The main objective of the Code is to improve the insurance offered to members in superannuation, and the processes by which funds offer and provide insurance benefits. 

We're fully supportive of the development of the Code and intend to comply with the standards outlined. We'll adhere to the Code’s objectives to be transparent, fair, respectful, honest and timely, and we'll continue to make decisions that are in the best interests of our members.

We have an ongoing commitment to improve our insurance offering. In October 2017, for example, members benefited from a reduction in the cost of insurance premiums. 

Although we already meet many of the standards set out in the Code, we'll be working towards implementing other insurance enhancements over the next few years (during the three year transitional period for adoption of the Code). We'll keep you informed as our plans progress.  

We believe the adoption of the Code, combined with the further planned enhancements, will lead to greater benefits for our members.