Super funds will determine ‘dangerous occupations’ carve-out
Superannuation funds themselves will be the ones who decide which members will be covered by the Government’s so-called “dangerous occupations carve-out” to its new insurance inside superannuation rules.
Treasury Retirement Income Policy Division head, Robert Jeremenko has told the Association of Superannuation Funds of Australia (ASFA) national conference in Adelaide that the Government expects superannuation funds will know which of its members are employed in dangerous occupations.
He defined dangerous occupations as being those which have a higher statistical likelihood of injury.
The “dangerous occupations carve-out” was announced by the Assistant Treasurer, Stuart Robert in an address to the opening session of the ASFA conference on Wednesday.
The carve-out will assist some funds who have large numbers of members employed in dangerous jobs with other funds now having to adjust to having members aged under 25 or with balances under $6,000 having to ‘opt-in’ to insurance inside superannuation.
Recommended for you
Cbus CEO Kristian Fok has criticised lead generators promoting superannuation switches, with the Shield and First Guardian problems being the “tip of the iceberg” for super members.
A global report from Mercer shows that pension systems with no or limited restrictions tend to perform better, while sharing recommendations on how Australia can improve its ranking.
Australian super funds have extended their winning streak into September, as strong global equities and resilient long-term returns boost member outcomes.
The super fund has appointed long-serving technology leader Richard Exton to its executive team, underscoring the fund’s digital transformation priorities.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
