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Transition Plan to Insurance in Super Voluntary Code of Practice

Suncorp Portfolio Services Limited (we, our, us, the trustee) has adopted the Insurance in Superannuation Voluntary Code of Practice (‘the Code’), which commenced on 1 July 2018. 

We believe that adopting the Code is in the best interests of our member’s and anticipate it will lead to better outcomes for our members in relation to insurance arrangements through the super products we offer.

We already comply with some elements of the Code, and aim to comply with additional requirements in 2019, and meet all requirements by June 2021. Our Transition Plan outlines our timeline for compliance.

We are aiming to improve the insurance arrangements available to our members through the super products we offer. This includes:

  • helping members better understand the insurance available to them,
  • providing members with access to better priced insurance cover,
  • enabling members to more easily make changes to their insurance, to the extent they can be made, to suit their needs, and
  • supporting our members when they need it most – at claim time.

Our Transition Plan provides you with a timeline outlining what we will do to comply with the Code, which should help us achieve the above goals. You can read our Transition Plan here.

You can read about the background on the Insurance in Super Voluntary Code of Practice here. If you would like to know the details of the Code, you can read about it here.

 

Superannuation products provided under the Asteron or Asteron Life brands are issued by Suncorp Portfolio Services Limited ABN 61 063 427 958 AFSL 237905 RSE licence no L0002059 (SPSL) as trustee for Suncorp Master Trust R1056655 ABN 98 30 952 022. Insurance cover within these products is generally issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (SLSL). SPSL and SLSL are related bodies corporate and part of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable in respect of products and services provided by other Suncorp Group entities. Information provided is general advice only and does not take into account any person’s objectives, financial situation or needs. Before making any decision to acquire or continue to hold an Asteron or Asteron Life super product, please read the relevant product disclosure statement and/or documentation already provided to you containing product terms and conditions (as applicable), and speak to your financial adviser. An Asteron or Asteron Life super product is not a bank deposit or other bank liability, and may be subject to investment risk including possible delays in repayment and loss of the interest and principal invested.

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Asteron Life™ is committed to providing customers with long term financial security. We provide life insurance products including Income Protection Covers, Trauma Cover, Total & Permanent Disablement (TPD) Cover, Life Cover and Business Expenses Cover. To obtain a copy of our privacy statement, please contact us on 1800 221 727 or visit the following website www.asteronlife.com.au/privacy to view or download the policy.

Suncorp supports and adheres to the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry through the Financial Services Council to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities. Download the Code here. For more information contact the Financial Services Council on (02) 9299 3022 (local call cost), email info@fsc.org.au or visit www.fsc.org.au