From April 1st 2020, members with a super balance under $6,000 could lose their default insurance with their super fund.
What is the Putting Member’s Interest First (PMIF) Legislation?
A new legislation called ‘Putting Member’s Interest First’ will be in place from April 1st to ensure super fund members aren’t paying for insurance cover they may not need or want.
Insurance premiums can also erode super balances and this new legislation aims to prevent this.
Members who are under 25 and have a balance less than $6,000 will not be eligible for default cover after 1st April 2020.
What does PMIF mean for FairVine members?
If you are a member of FairVine Super and your balance has not been $6,000 or more since November 1st 2019, you will lose your insurance cover. However, you can let us know you would like to keep it by emailing us at firstname.lastname@example.org.
What if I don’t want to keep my cover?
You do not have to do anything. Your cover will cease on the 1st of April 2020.
I am under 25 but my super balance is above $6,000. What does this mean for me?
You can still keep your current cover as it only affects current members who have a balance lower than $6,000. If you join FairVine after April 1st, you will not be able to get default cover unless you are 25 or above and have a balance of $6,000 or more.
What if my cover ceases on April 1st and I want to keep it?
You have 60 days to let us know that you will like to keep your default cover and you will continue to have the same type and level of cover as you did on the 31st of March 2020.
How much cover do I have?
You can check your insurance cover if you log into your member portal and click the ‘Insurance’ tab.