Putting Members’ Interests First: FAQs
On 1 April 2020, the Federal Government’s Putting Members' Interests First (PMIF) legislation came into effect. Under Putting Members' Interests First changes, super funds can no longer provide default insurance cover to members:
- under 25 years old or,
- members who have a balance under $6,000.
If you've got questions about what these changes might mean for you, check out our Putting Members' Interests First FAQs below:
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What is Putting Members’ Interest First (PMIF)?
Under government changes known as Putting Members’ Interest First (PMIF), super funds can no longer provide default insurance cover to:
- members under 25 years old or,
- members who have a balance under $6,000.
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Why have these changes been made?
These changes aim to ensure the default insurance cover automatically provided with your super is right for you and you are not paying premiums for cover you do not need. PMIF extends on the Protecting your Super (PYS) package introduced by the Government last year.
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When are the changes effective?
The PMIF changes came into effect on 1 April 2020.
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What is default insurance cover?
Default insurance cover is automatically provided to members when they join Mercer Super if they are:
- 25 years old or over, and
- have $6,000 or more in their super account.
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Why was my insurance cancelled on 1 April 2020?
Your insurance was cancelled on 1 April 2020 for one of the below reasons:
- Your account balance did not reach $6,000; or
- You did not elect to keep your insurance cover
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How do I reinstate default insurance cover?
If you didn't reinstate your insurance cover before 29 June 2020, please contact us on 1800 682 525 Monday to Friday 8 am – 7 pm (AEST/ AEDT).
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I don’t have insurance cover, how do I get it before I'm 25?
If you are an existing member and haven’t had insurance cover with us before, you can apply anytime online.
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My balance is less than $6,000, how do I get insurance?
If you are an existing member and haven’t had insurance cover with us before, you can apply anytime online.
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Will you contact me if I'm at risk of losing my insurance?
We will always contact you if you are at risk of losing your insurance cover, so you have time to let us know what you would like to do.
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What type/how much insurance cover do I have?
The Insurance page on Member Online has information on what type of insurance you have and how much. Please note: You will be asked to log in first if you click on the preceding link, before being taken directly to the Insurance page.
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How much are my insurance premiums?
The Insurance page on Member Online has information on your insurance premiums. Please note: You will be asked to log in first if you click on the preceding link, before being taken directly to the Insurance page.
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Can I cancel my insurance cover if I do not want it?
Yes, you can cancel your insurance cover anytime on the Insurance page on Member Online.
Please note: You will be asked to log in first if you click on the preceding link, before being taken directly to the Insurance page.
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What can I do to ensure I don’t lose my insurance cover?
Under PYS changes, if we haven’t received a contribution or rollover into your super account for 16 consecutive months, your insurance benefit will be cancelled unless you let us know that you want to keep it.
Please ensure you super balance is sufficient to cover the premiums as well.
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My insurance was cancelled due to PMIF, will it restart?
Yes, your insurance cover will restart when your balance reaches $6,000 or when you turn 25, whichever happens first.
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What happens if I don’t submit my reinstatement form on time
You can reapply for insurance, but you may have to provide satisfactory evidence of good health and be assessed by our insurer before cover can commence.