The Federal Government recently introduced new laws known as Putting Members’ Interests First (PMIF).
These laws require members with superannuation balances under $6,000 to advise their fund before 31 March 2020 if they want to keep the default insurance cover they have in their superannuation account. We have already communicated with members who are directly impacted by this change.
PMIF also means that from 1 April 2020, super funds cannot automatically provide new members with default insurance cover until they reach age 25 and their account balance exceeds $6,000.
At this time, the cost of insurance cover in your EISS Super account will not change as a result of the introduction of PMIF but may do so in the future. We regularly review our insurance arrangements to ensure they are right for our members and will contact you if there are any significant cost or other changes to your insurance cover.
If you have any questions about this notice, or any other questions related to your super account, please call us on 1300 369 901, Monday to Friday from 8am to 8pm (AEST).
For more information please visit PMIF frequently asked questions
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