Insurance in Superannuation

Voluntary Code of Practice

Transition Plan

The Insurance in Superannuation Voluntary Code of Practice (Code) requires trustees who adopt the Code to publish a transition plan on their website for how their funds will become compliant with the standards of the Code. Our Transition Plan is detailed below.

Name of Trustee: Energy Industries Superannuation Scheme Pty Limited ABN 72 077 947 285 RSE Licensee L0001373 and AFS Licence 441877 (EISS Super).

We have adopted the Insurance in Superannuation Voluntary Code of Practice, which commenced on 1 July 2018.

This transition plan applies to: EISS Super, USI EIS0101AU.

We will transition to the following three groups of the standards as set out in section 3.6 of the Code by no later than 30 June 2021:

a) Benefit design and premiums (sections 4.1 to 4.17 – with the exception of 4.9(c) of the Code as outlined below)

b) Automatic cessation of cover and reinstatement (sections 4.25(e) and (f), 4.2.7, 4.2.8 and 4.29)

c) The rest of the Code

We will work closely with our administrator and insurer to ensure our practices, processes and policies, benefit design and communications comply with the Code’s requirements.  If we encounter any issues or challenges that change our intended compliance with the Code, including but not limited to requirements in the Code that we believe are not in the best interests of members and their beneficiaries, then we will reflect these changes in an updated transition plan which we will place on our website.

Section 4.9(c) of the Code provides for insurance premiums to be set at a level that does not exceed 1% of an estimated level of salary for segments within our membership.  At present, for some age groups in the 51-70 age bracket, the premium rate exceeds 1% of the average salary of an EISS member and as such we will not comply with that requirement.

Further information about the details of the Code’s requirements is available here

If you have any enquires or questions about our Transition Plan please contact us on 1300 369 901 between 8am and 8pm (AEST) Monday to Friday.