Protecting Your Super legislation: Important insurance information for members taking extended leave03 Feb 2020 2 min read
As part of the Protecting Your Superannuation legislation, effective 1 July 2019, significant changes have been implemented for insurance provided through superannuation.
One of these changes is that trustees are now generally required to stop providing insurance cover through super to any member who has not opted in to insurance cover and whose account has been inactive for 16 months or more.
This means that any members who take extended leave without pay – or any other type of leave that results in their super contributions not being paid – are at risk of losing their insurance cover after 16 months of account inactivity unless they opt in.
What do members need to do?
To keep their cover, members will need to opt in through Member Online:
- Navigate to the Insurance section and then to the TAL portal button.
- On the TAL portal they should then click the ‘Keep my cover’ tile.
What do employers need to do?
As trustee, NGS Super will continue to monitor members’ accounts and provide written notice to them when they have been inactive for 9, 12 and 15 months.
Employers can help by making their staff aware of these changes. We will be preparing a flyer that you can give to employees, including those who are currently on extended leave and may not be aware they have been affected.