The clock is ticking for Putting Members’ Interest First
- On 17/01/2020
The Treasury Laws Amendment Putting Members’ Interests First (PMIF) Act 2019 will be coming into effect from 1 April 2020. Two new considerations for trustees resulting from PMIF are whether to adopt the exemption for ‘dangerous occupations’ and the terms for switching on default cover for members who are ineligible when they first join a […]
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Interpreting the High Risk Occupation carve out under PMIF
- On 02/12/2019
Almost immediately following the recent Protecting Your Super (PYS) changes, the Treasury Laws Amendment Putting Members’ Interests First (PMIF) Act 2019 was passed and requires default insurance to be opt-in for members with balances under $6,000 and new members under age 25 from 1 April 2020. Industry research has shown that the PYS opt-in rates […]
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Putting Members Interests First Bill – will it work?
- On 17/07/2019
As the industry still scrambles to embed the Protecting Your Super (PYS) package changes effective 1 July 2019, the Government has moved to reintroduce the Putting Members’ Interests First Bill (PMIF). This new Bill is proposing further significant changes in making insurance opt-in for members under age 25 and members holding low-balance active accounts. Rice […]
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