BT will fully adopt the Insurance in Superannuation Voluntary Code of Practice (the Code) demonstrating our continuous commitment to making insurance in super affordable, appropriate and easier to understand.
The Code applies to Trustees of APRA regulated superannuation funds. The Code aims to improve superannuation member value and protections and is a strong step towards enhancing member interests and helping build confidence in life insurance through superannuation. The code targets to align standards across all superannuation funds who have elected to opt into the code, thus providing greater understanding, clearer accountability and consistency of delivery, for insurance benefits provided in superannuation.
We have updated our transition plans following our review of the impacts of the recent changes to Government rules regarding insurance in superannuation.
We remain committed to adopting the Code for superannuation trustees and implementing the new standards no later than 1 July 2021.
Refer to the following current Transition Plans for further information.
This information has been prepared by BT and is current as at 1 October 2020. The information provided is factual only and does not constitute financial product advice. Before acting on it, you should seek independent advice about its appropriateness to your objectives, financial situation and needs. The above Transition Plans provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.
Your copy of the Code
You can obtain a copy of the Code from the Association of Superannuation Funds of Australia website.