Superannuation - Sandhurst Trustees
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Insurance in Superannuation Voluntary Code of Practice – Transition Plan

As at 31 December 2018

We know how important it is for you to understand and manage the insurance cover available through your super.

That’s why we have adopted the Insurance in Superannuation Voluntary Code of Practice (Code) that commenced on 1 July 2018.

What is the Code?

The Code provides guidelines and a set of standards for superannuation funds to adopt when providing insurance to its members. It aims to improve the insurance offered and the processes by which insurance benefits are provided to members in the super industry.

This is the first time the industry has set a standard for the provision of insurance cover through super. It has been developed by the Australian Institute of Superannuation Trustees (AIST), Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC).

You can access a copy of the Code here.

When will the Code be implemented?

We already comply with many parts of the Code and are working to implement any outstanding items by no later than 30 June 2021.

The table below provides a description and timeline of when we expect to fully comply with each of the items of the Code (known as our transition plan).

Code requirement Section
How we will comply When we will comply
Benefit design and premiums 4.1 - 4.17

We will provide you with insurance cover that is value for money to avoid inappropriately eroding your retirement savings.

We will perform a detailed review of our insurance design in 2019, which will be tested against the Code requirements. 

1 July 2020

Automatic cessation of cover, reinstatement and duplicate cover

4.23 - 4.31

We want to ensure you are not paying for insurance cover that you don’t need.

The Government has proposed changes to when we can provide automatic insurance cover to our members which are expected to apply from 1 July 2019.

Once the proposals become law we will only provide insurance to you when directed, if you:

  • are under 25 years old and begin to hold the super account on or after 1 July 2019;
  • have an account with a balance of less than $6,000 that has not been worth $6,000 or over since 1 April 2019; or
  • have an account that has been inactive for the last 13 months.

These changes will mean that your insurance cover may be automatically cancelled if any of the above dot points apply to you, unless you opt in to insurance cover. 

This intended approach relies on the proposed law being passed and no changes being made.

We will communicate to you in writing if we stop receiving contributions for an extended period of time.  

1 July 2019

Cancelling your Insurance Cover

4.18 - 4.22

We will provide you with appropriate instructions and communications on how to cancel your insurance cover.

You can currently cancel or reduce your insurance cover at any time by completing an Insurance Variation or Cancellation Form available from our website.

30 June 2021

Helping members make informed decisions 5

We will provide you with appropriate, easy-to-understand information about your insurance cover on an ongoing basis, so you can make informed decisions.

Our Key Fact Sheet for automatic insurance cover will be available online in early 2019. 

1 July 2020

Supporting vulnerable consumers 6 We will take practical steps to the best of our ability to provide support or assistance to members who may have special needs when they contact us in relation to their insurance.

31 December 2020

Handling claims


We will play a visible role in the claims process and ensure you receive updates on the progress of your claim.

We already comply with many aspects of this requirement.

1 January 2020

Premium adjustments 8

We will be required to publish information about premium adjustment arrangements and pass any payments on to members as future premium adjustment.

As we do not receive any money or material benefits from the Insurer we already comply with this requirement.
Not applicable
Promoting our insurance cover 9

We will promote our insurance cover in accordance with the Code, ensuring we are clear, upfront, not misleading and appropriately target promotions.

Sandhurst at all times ensures that its communications are not misleading.

30 June 2021

Changes to cover 10 We will provide clear instructions on how you can change your insurance cover and inform you of any general risks involved and changes to your premiums.

1 July 2020

Refunds 11 We will have processes in place (where you have multiple automatic insurance cover that you can’t claim on) that deal with refunding premiums to your superannuation account where appropriate.

1 July 2020

Staff and service providers 12 Our staff will be trained and educated on an ongoing basis, and our service providers will be regularly monitored so that we are always acting in your best interests.

31 December 2020

Making enquiries and complaints 13 We will have standards in place in accordance with the Code on how to respond to any enquiries or complaints you may have regarding your insurance cover.

31 December 2020

Promoting, monitoring and reporting on the Code 14 We will provide relevant information about the Code on our website and have appropriate systems and processes in place to comply with the Code.

30 June 2021

Our relationship with insurers and service providers 3.2, 3.8 & 3.9

Contracts we enter into with our administrator will require it to comply with the Code when they act on our behalf.
We will work closely with our insurer who issues the cover that applies to you, to ensure you have a consistent end-to-end experience.

Any contract we enter into with an insurer will require both parties to comply with the relevant code that applies to them.
No later than 30 June 2021


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