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.

What's the Code?

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
  • Review our automatic insurance cover to make sure it’s appropriate and affordable
  • Any changes will be clearly communicated to you
  • Partially compliant
  • Compliant by January 2022
5.00 – Helping members make informed decisions
  • Make sure our communications and documents include information to help you make informed decisions about insurance in super
  • The communications we design will be member-tested to make sure they’re easy to understand and of a high standard
  • Partially compliant
  • Compliant by January 2022
6.00 – Supporting vulnerable customers We are already compliant  
7.00 – Handling claims
  • Improve our claims processes and oversights to make things easier for you if you need to make a claim
  • Revisit our processes to check they’re clear and simple to follow
  • Partially implemented
  • Compliant by January 2022
8.00 – Premium adjustments
  • Improve our disclosures around insurance premiums
  • Create a reserving policy for premium adjustments as part of our governance arrangements
  • To be implemented
  • Compliant by January 2022
9.00 – Promoting our insurance cover
  • We’ll hold our distributors to the same high standards to ensure they comply with the Code
  • Partially implemented
  • Compliant by January 2022
10.00 – Changes to cover
  • Review our processes and communications around changes to insurance cover to ensure they’re timely and clear
  • Partially implemented
  • Compliant by January 2022
11.00 – Refunds
  • We’ll refund members who can’t claim on duplicate automatic insurance cover based on the Code requirement
  • Partially implemented
  • Compliant by January 2022
12.00 – Staff and service providers
  • We’ll work with our staff and insurance service providers to make sure they’re complying with the Code
  • Partially implemented
  • Compliant by January 2022
13.00 – Making enquiries and complaints We are already compliant  
14.00 – Promoting, monitoring and reporting on the Code
  • The Code will be referenced in all relevant communications
  • Our compliance reporting will be expanded to include the Code
  • To be implemented
  • Compliant by January 2022


 

Our considerations

Products in scope

The Code applies to all our super products with default or automatic insurance. We’re still working through how the Code will apply to our other products (particularly those typically sold through an adviser).

Key fact sheets

Fact sheets will be produced by January 2022 for our super products where there are no differences among our corporate plans. Where our products are tailored for corporate plans, we may take longer to comply.

Amending existing insurance arrangements

All new and amended insurance arrangements will be assessed under the erosion guideline requirements by January 2022. In certain circumstances, the 1% of salary premium target might not be appropriate (for example, where the member is in a high-risk occupation).

Premium Adjustments

Only a very small percentage of our products and plans offer premium adjustments. Because of this, we won’t publish premium adjustment arrangements on our website or in our Trustee Annual Reports.

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 Super Directions Fund ABN 78 421 957 449 and the Wealth Personal Superannuation and Pension Fund ABN 92 381 911 598.