— Opt-in insurance – confirmation —
The Government confirmed its intention to legislate new opt-in insurance rules for new members under 25 and/or with an account balance below $6,000.
However, if this proposal is legislated, the start date is delayed until 1 October 2019.
— AvSuper comment on opt-in insurance —
We’ve been watching this proposal for some weeks and much remains unclear. While younger members and low account balance holders will no longer receive automatic insurance upon joining AvSuper under this proposal, and will have to specifically opt-in for such insurance, it remains unclear how this would apply in practice. We will write to those AvSuper members likely to be affected by this proposal as more information is known.