Cbus Update: Putting Members’ Interests First
A year-long campaign by Cbus on behalf of our members culminated in a nail-biting two weeks in September as Federal Parliament debated a bill that had huge ramifications for our members’ insurance cover. The Putting Members’ Interests First (PMIF) bill proposed that super funds could not offer default insurance cover to members under 25 years of age and members with account balances under $6,000 unless members opted in to keep cover.
Federal Parliament passed the bill that will change default opt-out insurance cover to an opt-in basis for new members under 25 years of age and existing members with account balances under $6,000.
Due to Cbus’ extensive lobbying efforts, an amendment was created by the Senate that means workers in dangerous occupations will be exempted. We are now working through the implementation process to ensure that all Cbus members in dangerous occupations are insured.
We campaigned very hard both last year during the Protecting Your Super debate and this year after the Morrison Government introduced the PMIF bill, for a better outcome for our members because we know that our members highly value our insurance offer. It’s something that Cbus members and their families rely on.
Cbus believes that members under 25 including apprentices need insurance cover, without it injured workers are left unprotected. Cbus has paid more than $60 million in death and TPD to members who are under 25 years of age and their beneficiaries over the past five years to 30 June 2019.
In the last 5 years to 30 June 2019, Cbus accepted over 90% of insurance claims and paid out more than $1.1 billion in benefits. The exemptions made to PMIF for workers in dangerous industries, to help ensure workers do not lose their cover, means Cbus can continue to assist members and their families.