Since the Code was established, most of the requirements have been overtaken by legislative and regulatory reforms. As a result, the Code-owners (ASFA, AIST, FSC) announced on 1 July 2021 that the Code would be replaced with Guidance Notes to support vulnerable members and claims handling. For more information, refer to the details here.
Australian Retirement Trust remains committed to providing the best insurance offering for our membership and the principles of the Code. We also commit to ensuring our processes are fair, transparent, honest, timely and respectful to you.
The principal objective of the Code when implemented was to continuously improve the insurance in superannuation offered to you and the processes by which insurance benefits are provided, ensuring automatic insurance in superannuation "is appropriate and affordable" and does not inappropriately erode future retirement income. Australian Retirement Trust remain committed to the objectives of the Code and continue to maintain initiatives introduced through its implementation including:
Benefit Design/Membership Segmentation - Providing automatic and flexible range of insurance options. For our Super Savings – Business and Super Savings – Corporate products are generally tailored to the specific needs of their employee groups.
Erosion Measures - Ensuring automatic insurance in superannuation “is appropriate an affordable” and does not inappropriately erode future retirement income. An Annual Insurance Summary is sent to members each year and provides them with their individual insurance information including individualised erosion messaging if applicable.
Intention and Comprehension Statements - Clear ‘Intention’ and ‘Comprehension’ statements published on our website and included in disclosure material.
Cancellation Online - Provide members with a variety of options to reduce or cancel their cover including verbally, in writing or online.
Interpretation Services - allows us to better assist all our members with translation and interpreter services.
Supporting Vulnerable Consumers - Ability to identify and support people who may have a particular vulnerability that may impact on their ability to access insurance, make a claim, make an enquiry or complaint, or communicate with us. Australian Retirement Trust has established various avenues for our employees to support identified vulnerable consumers. Our insurance claims team have detailed guidelines and specified training. Australian Retirement Trust have also established an internal working group to identify further opportunities to support such as the introduction of a Reconciliation Action Plan.
Claims Handling - Our dedicated claims teams ensure that claimants are assisted throughout the claims process from notification until a decision is received and communicated to members/claimants. We handle claims in accordance with certain processes and timeframes. Australian Retirement Trust has put in place systems and processed to manage all claims in accordance with the Claims Handling Guidance Notes.
Australian Retirement Trust’s Insurance Strategy
Our Insurance Strategy includes the Insurance Objectives / Principles as outlined below.
The following insurance objectives/principles have been adopted in developing the insurance strategy ensuring that the premium structure and levels are sustainable, taking into account the impact premiums have on members’ retirement benefits.
- 1. Product and services
- • are designed in our collective members’ best interests,
- • are appropriate and affordable for our membership,
- • take into account the views / feedback of members,
- • contain innovation which is valued by a significant portion of our member base and delivered cost effectively,
- • are continually reviewed and updated, and
- • are viewed as being above the industry benchmark (e.g. top quartile for features / functionality and premiums (voluntary cover – at occupational category level, default cover – Funds with a similar occupational profile)) over the solution life cycle,
- 2. Premium cross subsidies are limited across ages and gender as far as is practicable,
- 3. Transition between products should occur easily and without diminished benefits,
- 4. Members can easily tailor their insurance cover (pricing, features, service) to meet their specific needs, and
- 5. Member communication and service capabilities are efficient, understandable, and respectful to members and their beneficiaries.