POWERED BY MOMENTUM MEDIA
BT Financial Group the latest to adopt insurance code
BT Financial Group has become the latest superannuation fund to adopt the Insurance in Superannuation Voluntary Code (the Code) for super trustees, and would implement the new standards.
BT general manager of superannuation, Melinda Howes, said that as a founding member of the Insurance in Superannuation Working Group, BT had worked through the Code in detail and believed its implementation would benefit super fund members.
“It’s important that super funds adopt these standards. We also support further industry-led initiatives to make the Code binding to ensure all members get the benefit of these additional protections,” said Howes.
Howes acknowledged that, under the Code, a member’s insurance cover could be cancelled if no super contributions were made to their account for 13 months, and noted that this would predominantly affect women with parenting responsibilities.
“A person may be on parental leave for up to two years but insurance cover may be cancelled after 13 months of no super contributions to their account,” she said. “It’s important that anyone who has taken a break from the workforce can regain access to their default insurance cover.”
Despite this, Howes said it wouldn’t be beyond the industry’s ability to resolve this and other issues to ensure that the Code does not leave members worse off.
The implementation of the Code was supported by BT’s life insurance branch, with general manager, Sue Houghton, ensuring it would bring the right balance between providing cover and protecting members’ superannuation savings.
“We support the Code and believe it will further help Australians gain access to appropriate and affordable cover and make better informed decisions about their insurance in superannuation,” said Houghton.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
