Govt makes key concession on insurance inside super
The Federal Government has made a key concession on insurance inside superannuation for low balance members and those aged under 25 – allowing different arrangements for those working in high-risk occupations.
The assistant treasurer, Stuart Robert told the Association of Superannuation Funds of Australia (ASFA) conference in Adelaide today that the Government had agreed to an amendment following representation from a number of superannuation funds.
He said the amendment would see young or low balance members working in high-risk occupations not needing to opt-in, with the occupations deemed high-risk yet to be decided.
However, Robert made clear that the Government would not be delivering further concessions on the insurance inside superannuation changes, noting that its objective was to address the ongoing erosion of balances via fees and insurance premiums.
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