REST Industry Super today announced it will become a signatory to the Insurance in Superannuation Working Group Code of Practice for superannuation trustees, significantly increasing the number of Australians covered by the Code.
The Code of Practice would enhance communications and claims handling and help stop insurance premiums eroding account balances.
REST interim chief executive, Andrew Howard, said that the Code struck an appropriate balance between protecting the interests of a diverse member base and allowing super trustees to design appropriate insurance.
He said that signing the Code was in line with the fund’s recent insurance redesign, which saw default cover for new members under 18 removed and total and permanent disablement cover reduced for new members aged 18-34.
REST would publish plans and a timeline for implementing the Code on the fund’s website in accordance with the Code, which would come into effect from July 2018.