We’ve committed to being compliant with all requirements of the Code, for the products listed in the table below.
This transition plan explains how we’re doing this, our progress, and when we’ll be compliant with each requirement.
Understanding insurance in super can sometimes be confusing, especially when trying to compare it across different super plans and insurers.
To help, the superannuation industry created the Code - a set of common standards across the industry aiming to provide you with more clarity and consistency about insurance in super, so you can feel more confident about making a choice.
You can find out more about the Code and access the full Code itself on the ASFA’s website.
What types of insurance does the Code apply to?
The Code applies to insurance cover held within super including:
- Death cover
- Total and permanent disability (TPD) cover
- Income protection (IP) cover
What products does our transition plan cover?
Our transition plan applies to insurance held inside the following superannuation products:
Fully compliant by January 20221 | Partially compliant by January 20222 |
AMP Flexible Super | Generations |
CustomSuper | iAccess |
Flexible Lifetime - Super | InsuranceCare |
SignatureSuper | MyNorth |
SignatureSuper Select | North |
SuperLeader | Summit |
1 Some of our tailored corporate super plans may take a little longer.
2 We’re still working through how the Code will apply to these products and will keep this transition plan updated as we progress.
What we're working through
The table below outlines what we’re doing to implement key steps within the Code, how we’re progressing and when we’re expecting to be compliant for the products listed in the first column in the table above.
Code section | Key actions | Progress and timings |
4.00 – Appropriate and affordable cover |
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5.00 – Helping members make informed decisions |
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6.00 – Supporting vulnerable customers | We are already compliant | |
7.00 – Handling claims |
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8.00 – Premium adjustments |
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9.00 – Promoting our insurance cover |
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10.00 – Changes to cover |
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11.00 – Refunds |
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12.00 – Staff and service providers |
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13.00 – Making enquiries and complaints | We are already compliant | |
14.00 – Promoting, monitoring and reporting on the Code |
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Our considerations
Access the full Code on the ASFA website
Important information
Our Transition Plan is current as at 15 March 2021. It is our intention to comply with the sections of the Code by the dates set out in this Transition Plan, however it may be necessary to update the Transition Plan, due to various factors including legislative changes impacting superannuation and / or insurance provided through superannuation; the complexity and volume of changes required; and to the extent that it’s in the best interests of members and consistent with law.
Issued by N.M. Superannuation Proprietary Limited (NM Super) ABN 31 008 428 322, AFSL No. 234654, the trustee of the AMP Super Fund ABN 78 421 957 449 and the Wealth Personal Superannuation and Pension Fund ABN 92 381 911 598.