Your home for profit-to-member Super
Join the leading voice in profit-to-member super
Our full list of member super funds
View the upcoming courses in your city
AIST's flagship educational program
Keep up your industry knowledge and professional development - at your own pace and when it’s convenient for you
Listing of all upcoming events
The premier idea sharing and networking event for Australia’s $1.5 trillion profit-to-member super sector
AIST's annual Superannuation Investment conference
Research, insights and advocacy on the most pressing topics in super
Our response to changes in the political and policy environment
From AIST's governance code to practical guidance and toolkits
Industry news, latest resources and event updates
Stay connected to the latest policy news
Photo, audio and video content
Our mission, vision and values
Meet our team
Our board of directors, constitution and committees
News, insights and resources as they unfold. Stay up-to-date with the issues affecting super.
Media
The Australian Institute of Superannuation Trustees (AIST) has welcomed today’s announcement from the Opposition that it will move to amend key measures in the insurance in superannuation package now before Parliament.
Ms Eva Scheerlinck said the Opposition’s decision to move amendments allowing super funds or cohorts of members with a demonstrated need for insurance to be provided with opt-out insurance was a much-needed measure to ensure workers who needed insurance did not have it cut off.
Ms Scheerlinck also welcomed the Opposition’s proposal to ensure mothers on maternity leave did not have their super swept up in the definition of inactive account.
‘AIST and its member funds have repeatedly called for amendments to the package to protect these members. We are pleased the Opposition has listened,’ Ms Scheerlinck said.
Similarly, a third proposal to speed up consolidation so that super is returned to members and does not languish with the ATO also benefited members, she said.
The Opposition’s announcement of amendments to the Bill followed an earlier announcement from the Assistant Treasurer Stuart Robert that the Government would seek an amendment to allow super funds to provide opt-out insurance to young members in high-risk occupations.
Ms Scheerlinck said the Government’s announcement was welcome but did not go far enough to address other industry concerns.
AIST continues to call on all political parties and Senate members to support an extension to the implementation period for the overall package of insurance in super reforms.
Ms Scheerlinck noted that the implementation deadline would require every super fund to renegotiate their default insurance contracts in less than 7 months away, leading to potential industry disruption and poorer outcomes for members.
“The implementation period for insurance is way too short. It won’t give funds time to get a better deal for their members in the marketplace - it’s going to push up premiums.”
Media contact: Janet de Silva 0448 000 499
AIST is the peak body for the $1.2 trillion profit-to-member superannuation sector which includes industry, corporate and public-sector funds.
14 November 2018