Insurance in Superannuation Working Group (ISWG)

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The Insurance in Superannuation Working Group (ISWG) is comprised of Australia’s superannuation bodies and was formed in November 2016 to collaboratively enhance future iterations of policy development. While the current policy settings are fundamentally right, there is industry acknowledgment that changes need to be made to improve the experiences of superannuation fund member.

Members of the ISWG include the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA), the Financial Services Council (FSC), Industry Funds Forum (IFF) and Industry Super Australia (ISA).

Together, the ISWG believe that:

The objective of insurance in superannuation is to provide a measure of financial support to members and their families if the member is prevented from working to retirement age by death or ill-health.

The ISWG also believe that this objective has to be balanced with the broader purpose of superannuation being the provision of retirement benefits for those that do have a full working life, recognising that insurance premiums will erode those sums to some extent. 

The challenge for superannuation funds is managing these competing objectives and making sure that the balance between meeting needs and affordability is appropriately established and managed into the future.

Documents related to the ISWG are listed below. AIST members seeking further information can contact the AIST policy and research team at info@aist.asn.au 


The Insurance in Superannuation Working Group (ISWG) is calling for submissions on a third discussion paper that outlines options to improve member experience and understanding of insurance within superannuation.

The third discussion paper released by the Insurance in Superannuation Working Group (ISWG) outlines options to improve member engagement and understanding of insurance arrangements within superannuation.

May 2017

The Insurance in Superannuation Working Group (ISWG) today released the second in a series of discussion papers as a further step towards developing a Life Insurance Code of Practice for superannuation trustees.

This paper examines existing practices and issues associated with insurance claims handling and outlines some ambitious changes in timeframes developed by superannuation and life industry representatives to improve the member experience.

April 2017

See the ISWG media statement on the release of the first of a series of discussion papers as a first step towards extending the Life Insurance Code of Practice to superannuation trustees. 
 

This discussion paper is the first of several that will focus on key issues that need to be addressed by the industry. Feedback received from these discussion papers and other stakeholder consultation will inform the development of the Code of Practice and Good Practice guidance for superannuation funds.

 

View all public submissions that have been received by the ISWG PMO in respect to the first discussion paper: ‘Account balance erosion due to insurance premiums.

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ANZ Wealth

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Association of Financial Advisers  

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Australian Lawyers Alliance

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CHOICE

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Financial Rights Legal Centre

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Financial Services Council

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HESTA

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IQ Group

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Law Council of Australia

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MetLife

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QSuper

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Rice Warner

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UniSuper

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Last updated 19 May 2017 

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