Cbus said the exception that was introduced on 1 April, 2020 allowed workers under 25 years old in dangerous jobs to automatically keep their insurance entitlement.
Since the exception had been introduced to 31 March, 2021, 115,800 building and construction workers had obtained or retained their insurance and a total of $7,256,200 (58 claims) had been paid who would not have otherwise been eligible without the exception.
“Many funds’ policies – including those funds that workers are most likely to be stapled to under Your Future Your Super – contain exclusions or unfavourable terms and conditions because insurance cover has not been tailored for their hazardous industry,” the fund said.
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“This includes that trustees are responsible for determining an appropriate level of diversification for each investment strategy,” the submission said.
“The notion that excluding assets from a trustee’s investment universe will improve outcomes is flawed. Further, that such a decision would be made by Parliament via regulation, to apply to all trustees regardless of their investment strategy or members’ investment choices, is not in members’ interests.
“The legislation also does not provide for any transitional provisions to ensure members’ existing investments aren’t adversely impacted as a result of the implementation of the provisions.”
AustralianSuper noted the potential impacts of this provision were quite broad and examples included: