Bill
Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019
lapsed, as at 2019-04-11. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2019-02-20
- second reading — 2019-02-20
- other — 2019-04-11
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2019-02-20.
This bill would stop super fund trustees from automatically enrolling new members in insurance that they could later decline.
Trustees could not offer opt-out insurance to members under 25 or those with account balances under $6,000, unless the member actively chose to take it.
The government says this change would prevent retirement savings from being reduced by insurance premiums for coverage members may not want.
- The bill bans opt-out insurance for new members under 25.
- The bill bans opt-out insurance for members with balances below $6,000.
- The bill allows members to still choose insurance if they want it.
Super fund trustees and their new members, particularly those under 25 or with balances under $6,000.
Sources
em
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