LGIAsuper to adopt Insurance in Superannuation Code of Practice

LGIAsuper members can be confident they have access to great value insurance that meets their needs, with the fund to adopt the Insurance in Superannuation Voluntary Code of Practice.

First published: May 01

LGIAsuper members can be confident they have access to great value insurance that meets their needs, with the fund to adopt the Insurance in Superannuation Voluntary Code of Practice.

The code was developed after input from a broad range of industry representatives and is aimed at ensuring super funds commit to high standards when providing insurance to members. Following an extensive review, the LGIAsuper Board has agreed to adopt the code, noting that in a limited number of cases the fund’s existing arrangements provide superior insurance benefits to that proposed by the code.

To ensure all members are treated fairly, the Board is engaging an expert consultant to review LGIAsuper’s compliance with the code and identify any cases where members may be disadvantaged, prior to full implementation of the code.

Most LGIAsuper members with an Accumulation account already benefit from insurance cover as part of their membership. Under the code, it will be even easier for members to review or change their insurance arrangements.

LGIAsuper will provide more detail about the proposed implementation date following the expert review.

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