AustralianSuper recognises that insurance cover may not be suitable for some members, especially those on low incomes whose accounts can be eroded by insurance premiums.
Our new product, Super Only, is a default insurance free product that has been created to protect the accounts of people employed under the Supported Employment Services Award, short term employees working for less than six months and seasonal or intermittent employees working less than six months.
No automatic insurance upon joining means no unnecessary insurance fees coming out of those member’s super accounts, protecting them from account erosion.
‘The economy is changing and the super industry needs to change with it,’ AustralianSuper’s Group Executive, Membership, Rose Kerlin, said.
‘People are often working short-term contracts and more and more people with disabilities are finding work as well,’ she said. ‘It’s up to funds like AustralianSuper to make sure that everyone has the opportunity to save for their retirement no matter their working patterns or situation.’
To ensure that the product is used by those it has been designed for, employers will be required to complete an application form and sign an agreement with AustralianSuper.
Groups that are most likely to be attracted to the product are disability supported employees and short term employees. ‘This will be a collaboration between businesses and AustralianSuper to help people who really need support,’ Ms Kerlin said. ‘Our internal analysis shows there are about 100 businesses, employing over 30,000 people who contribute to the Fund who could benefit from Super Only.’
Super Only will be available for new members only and once they have joined new members will have the option of accessing insurance products if they feel they need them.
If you’re interested in learning more about SuperBusiness and its suitability for your business, contact your AustralianSuper representative.