The Insurance in Superannuation Working Group (ISWG) is comprised of Australia’s superannuation bodies and was formed in November 2016 to collaboratively enhance future iterations of policy development. While the current policy settings are fundamentally right, there is industry acknowledgement that changes need to be made to improve the experiences of the superannuation fund member.

Members of the ISWG include the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC).

Together, the ISWG believe that: The objective of insurance in superannuation is to provide a measure of financial support to members and their families if the member is prevented from working to retirement age by death or ill-health.

The ISWG also believe that this objective has to be balanced with the broader purpose of superannuation being the provision of retirement benefits for those that do have a full working life, recognising that insurance premiums will erode those sums to some extent.

The challenge for superannuation funds is managing these competing objectives and making sure that the balance between meeting needs and affordability is appropriately established and managed into the future.

Documents related to the ISWG are listed below. FSC members seeking further information can contact the FSC policy and research team at This email address is being protected from spambots. You need JavaScript enabled to view it..

 

Insurance in Superannuation Voluntary Code of Practice

The Insurance in Superannuation Voluntary Code of Practice (the Voluntary Code) comes into effect from 1 July 2018, and sets standards that will provide greater understanding, clearer accountability and consistency of delivery across the superannuation industry.

The Financial Services Council (FSC), the Australian Institute of Superannuation Trustees (AIST) and the Association of Superannuation Funds of Australia (ASFA) are the owners of the Voluntary Code and they look forward to working with their respective members to implement the Voluntary Code from next year.

The Voluntary Code improves superannuation member value and protections and is a strong step towards enhancing member interests and helping build confidence in and understanding of life insurance through superannuation.

To download the Voluntary Code click here.

 

September 2017

Super industry consults on draft Code of Practice to improve outcomes for members

 

June 2017

 

May 2017

 

April 2017

  • pdf Media Release: ISWG second discussion paper
    The Insurance in Superannuation Working Group (ISWG) today released the second in a series of discussion papers as a further step towards developing a Life Insurance Code of Practice for superannuation trustees.
  • pdf Discussion Paper: Claims Handling
    This paper examines existing practices and issues associated with insurance claims handling and outlines some ambitious changes in timeframes developed by superannuation and life industry representatives to improve the member experience.
 

Public Submissions

View all public submissions that have been received by the ISWG PMO in respect to the first discussion paper: ‘Account balance erosion due to insurance premiums'.

ORGANISATION

STATUS

ANZ Wealth pdf Download Resource
Association of Financial Advisers pdf Download Resource
Australian Lawyers Alliance pdf Download Resource
Choice pdf Download Resource
Financial Rights Legal Centre pdf Download Resource
Financial Services Council pdf Download Resource
HESTA pdf Download Resource
IQ Group pdf Download Resource
Law Council of Australia pdf Download Resource
Metlife pdf Download Resource
QSuper pdf Download Resource
Rice Warner pdf Download Resource
UniSuper pdf Download Resource
 

View all public submissions that have been received by the ISWG PMO with respect to the second discussion paper: pdf Claims handling .

ORGANISATION

STATUS

Association of Financial Advisers pdf Download Resource
Australian Lawyers Alliance pdf Download Resource
Catholic Super pdf Download Resource
Choice pdf Download Resource
Financial Rights Legal Centre pdf Download Resource
Financial Services Council pdf Download Resource
HESTA pdf Download Resource
Mercer pdf Download Resource
Metlife pdf Download Resource
QSuper pdf Download Resource
Statewide Super pdf Download Resource
UniSuper pdf Download Resource
 

View the public submissions that have been received by the ISWG PMO in respect to the third discussion paper: ' pdf Member communication and engagement .'

ORGANISATION

STATUS

Australian Lawyers Alliance pdf Download Resource
ANZ pdf Download Resource
Catholic Super pdf Download Resource
Choice pdf Download Resource
Financial Rights Legal Centre pdf Download Resource
HESTA pdf Download Resource
QSuper pdf Download Resource
Rice Warner pdf Download Resource
Statewide Super pdf Download Resource