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AIST submits that in its current form the proposed Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 would be significantly detrimental to members and would undermine trust in the superannuation system. AIST has recommended that: • Insurance should remain in place for low balance members when the account is receiving contributions (active accounts); • Allow trustees to offer opt-out insurance where they can demonstrate that it is in the best interests of their members or cohorts of members; • Allow members to opt-in and retain insurance via methods such as a meeting, a telephone conversation and a written election; • The application of the $6,000 balance at an account level rather than a product level; and • To expand the employer-sponsor contribution exception. In addition, AIST has called for a delay in commencement to 1 July 2020 to enable funds to comply and communicate effectively with their members.
15 July 2019