Greens Treasury spokesperson, Senator Peter Whish-Wilson, has circulated amendments to the Protecting Your Super Package Bill that is listed for debate in the Senate today, and that makes changes to the provision of group insurance through default super.
Senator Whish-Wilson said, "The Greens’ amendments retain group insurance as opt-out for default super.
"While there are many problems with the way life insurance is provided through super, the underlying principle of default super, including low-cost group insurance, is good public policy.
"In relation to this Bill, super funds and trade unions have consistently made this point."
The Greens' amendments:
- Retain group insurance as opt-out for people under 25 and for people with account balances less than $6,000;
- Amend the definition of inactivity to a continuous period of 16 months;
- Amend the definition of inactivity so that people who change their investment options, alter their insurance coverage, or nominate a beneficiary are considered active;
- Require the ATO to consolidate accounts within 28 days;
- Delay commencement to 1 January 2020.