Cbus Super has joined the hordes of funds to sign onto the Insurance in Superannuation Voluntary Code of Practice, just making it within the 31 March, 2018 deadline for funds to advise code owners of their intention to adopt it.
The industry fund, which provides for the construction, building and allied industries, said that the Code would enable it to continue to provide insurance cover that met its members’ needs.
“Our members work in some of the toughest and riskiest conditions of any industry which is why being able to access affordable insurance through superannuation is important and valuable to them,” Cbus group executive, brand, advocacy and marketing, Robbie Campo said.
“We know that given the nature of the work our members undertake that many simply wouldn’t be able to access insurance if it wasn’t through Cbus’ group life offering. We believe the Code strikes the right balance between ensuring members receive adequate insurance cover while not paying unnecessary fees that eat into their retirement savings.”
Campo said that adopting the code would also assist Cbus in establishing best practice guidance around expectations of group insurance provision.
The fund was a member of the Insurance in Super Working Group throughout the development of the Code.