Insurance in Superannuation Working Group (ISWG) calls for Submissions and issues Discussion Papers

On 15 March 2017, the Insurance in Superannuation Working Group (ISWG), issued a series of Discussion Papers inviting submissions on a range of matters, including extending the Life Insurance Code of Practice to superannuation trustees.

ISWG Chairman Mr Jim Minto said too many people have multiple superannuation accounts and while insurance benefits are valuable to members, there is more rapid erosion of retirement savings if a person has too many insurance benefits. “Ideally people would consolidate their insurances and avoid this, but we must provide solutions now to address the reality of multiple, automatically provided life insurance arrangements..

Industry and stakeholder feedback will help shape an enforceable Code of Practice and Good Practice Guidance for Trustees, to be published by the ISWG later this year.

Submissions should be sent to ISWG-PMO@kpmg.com.au no later than 7 April 2017.

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