A big year for super

You might have noticed that it’s been a big year for the superannuation industry, and the government has made some major legislative changes— including the Protecting Your Super Package (PYSP) Act 2019, and the Putting Members’ Interests First (PMIF) Act 2019.

The Protecting Your Super Package (PYSP) Act 2019, and the Putting Members’ Interests First (PMIF) Act 2019 apply to all accumulation super funds—this means there will be no changes for defined benefit funds.   


Both of these reforms mean big changes for some of our PSSap customers, and we’re directly contacting anyone who might be impacted.  

We’ve published some key points about the PYSP in our article Super changes from 1 July, and we’ll break down the key themes of the PMIF below.

Insurance through super costs money, just like any other insurance. The difference is the premiums for insurance through super are deducted from your super account balance, rather than being paid from your take-home pay. The PMIF Act aims to protect low-balance accounts (i.e. those with a balance under $6000) from being made even smaller by the deduction of these insurance premiums.

Under the PMIF, on 1 April 2020 we’re required to cancel insurance for any PSSap customers with a super balance below $6000. If you fall into this category, you’ll still be able to keep your insurance if you want to, but you’ll have to let us know. We’ll contact you directly with all the details about how to elect to maintain your insurance. It’s now more important than ever that we have a reliable way to contact you about your super. You can check and update your contact details at any time in your Member Services Online account.

After 1 April, we also won’t be able to offer default insurance to our new PSSap customers who are under 25 years old. You’ll still be able to take out insurance through super, you just won’t have it automatically, and instead, you will have to opt-in.

If you’re a current PSSap customer under 25, you’ll keep your insurance arrangements, unless your balance is below $6000. In which case, we’ll contact you before 1 April to ask if you want to elect to keep your insurance.

Want more information about insurance through super?

You can find some of the key points about lifePLUS on our website at csc.gov.au/care and we’ve published a Key Facts Sheet to help you easily compare lifePLUS’ automatic cover with other funds at: csc.gov.au/Members/Advice-and-resources/Factsheets-and-publications/pssap   

For more general information about super and insurance, you can also check out the resources on ASIC’s MoneySmart website, moneysmart.gov.au

Need help to review your insurance needs?

You can log into your PSSap online account and use the LIFEapp insurance calculator, which can help you work out whether you have the right level of insurance to suit your lifestyle.

Not sure if you should keep your insurance?

As a PSSap customer, you have access to simple advice—like whether you have the right level of insurance—at no extra cost to you. To book an appointment, call 1300 277 777, or email us at financial.advice@csc.gov.au.

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