Two of Australia’s peak representative bodies in financial services have combined to create a public education campaign around the upcoming Protecting Your Super changes taking effect on 1 July.
The campaign, titled “When did you last check your super”, was developed by the Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC), on behalf of Australian superannuation funds and life insurers.
Launched on 7 June, the campaign is running across TV, digital and social, and urges Australians to check their insurance cover through superannuation to understand the impact of the upcoming PYS changes coming into effect on 1 July, and whether they will be affected.
Alongside the campaign, the industry has developed an informative website, www.timetocheck.com.au, to act as a useful resource in educating Australians on how to check whether they’ll be affected.
FSC CEO, Sally Loane stated: “Many Australians only hold life insurance through their superannuation, which provides an important safety net for individuals and their families if the worst should happen.”
“Just weeks away from the commencement of the reforms, fewer than 20 per cent of Australians feel they understand what Protecting Your Super means for their retirement savings. This campaign urges consumers to keep an eye out for communications from their super fund so they can take action if required.”
“The Protecting Your Super changes will help reduce account erosion through the additional fees and insurance that come along with unintended duplicate accounts. But this is also a timely reminder to check your super and make sure you have the right insurance for your circumstances.”
ASFA CEO, Dr Martin Fahy stated: “We already know Australians are not highly engaged with their superannuation – from the balance to the insurance products they have through their super.”
“This legislation has been introduced for very good reasons, however the timeframe for implementation has meant it’s been challenging for superannuation funds to engage their members with the impact of the changes in just a few short months.”
“Our primary concern is for those Australians who have and need insurance through superannuation, and may not realise they will be impacted by these changes on 1 July, potentially finding themselves without insurance cover when they go to claim as a result.”
By ASFA & FSC
13 June 2019