In September 2019, the Federal Government passed legislation to support their Putting Members’ Interests First (PMIF) reforms. These new reforms aim to ensure members’ superannuation balances are not unnecessarily eroded by insurance premiums.
How does PMIF work?
PMIF requires superannuation trustees to only provide insurance on an ‘opt-in’ basis to the following members:
PMIF reforms will not affect members outside of these categories.
We’ll be contacting all affected members from November 2019 to communicate this change and provide options if they wish to keep their insurance.
There are a number of benefits to members who chose to maintain insurance through their superannuation. However, as there has been a lot of changes to insurance recently, we want to ensure all of our members make the decisions that are right for them.
If members aren’t sure what’s right for them, EISS Super’s Financial Planners can provide them with advice over the phone or at a location convenient to them – they just need to call 1300 369 901 (select option 2).
We’re here to help
Alternatively, if your employee’s are EISS Super members, you can ‘Book a BBQ’ for you and your staff with one of our Customer Relationship Managers. They can visit your worksite or office with our custom-built BBQ ute and provide your staff with some general information on the upcoming changes over a sausage sandwich!
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