Govt makes key concession on insurance inside super

federal-government/insurance/superannuation/assistant-treasurer/Stuart-Robert/ASFA/Association-of-Superannuation-Funds-of-Australia/superannuation-funds/super-funds/

14 November 2018
| By Mike |
image
image
expand image

The Federal Government has made a key concession on insurance inside superannuation for low balance members and those aged under 25 – allowing different arrangements for those working in high-risk occupations.

The assistant treasurer, Stuart Robert told the Association of Superannuation Funds of Australia (ASFA) conference in Adelaide today that the Government had agreed to an amendment following representation from a number of superannuation funds.

He said the amendment would see young or low balance members working in high-risk occupations not needing to opt-in, with the occupations deemed high-risk yet to be decided.

However, Robert made clear that the Government would not be delivering further concessions on the insurance inside superannuation changes, noting that its objective was to address the ongoing erosion of balances via fees and insurance premiums.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 2 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND