Dangerous Occupations

Putting Members Interests First

The Putting Members Interests First legislation is an extension of the Protecting Your Super legislation, which came into effect on 1 July 2019. The reforms aim to ensure that members are not paying for insurance in super that they don’t know about, or premiums that may unnecessarily erode their super savings.

From 1 April 2020, the PMIF legislation prevents super funds from providing insurance to members:

• who are under 25 and/or
• whose account balance is less than $6,000.

What is the 'dangerous occupation' exception and how does it work for BUSSQ members?

The dangerous occupation exception allows super funds to elect that members employed in certain high-risk occupations will be provided with insurance cover even if they are under 25 and/or have an account balance that is less than $6,000.

Recognising the types of occupations our members are employed in and the importance of insurance cover, BUSSQ has elected that members are covered by the dangerous occupation exception if they are employed in one of the following occupations:

• Automotive and Engineering Trade Workers

• Construction Trades Workers

• Machinery and Stationary Plant Operators

• Mobile Plant Operators

• Road and Rail Drivers

• Store persons

• Construction and Mining Labourers

• Factory Process Workers

• Farm, Forestry and Garden Workers

• Protective Service Workers

• Skilled Animal and Horticultural Workers

• Other Labourers

Unless a member advises us that they are not employed in a dangerous occupation, we will apply the dangerous occupation exception and provide the member with default insurance cover and confirm this in writing within 28 days. Members may retain or cancel the cover.

What happens if you cancel your cover?

You will not be able to make a claim for insurance benefits for any injury or illness that arises after the date your insurance cover was cancelled, and we will no longer deduct insurance premiums from your account. You should be aware that if you wish to take out insurance cover again in the future you may be required to complete an application form for insurance and submit the medical and other information in support of your application.

Our insurer may:

• Accept your application on standard terms with standard premiums; or

• Apply an exclusion or a loading to charge a higher than standard premiums; or

• Decline your application

Please note that the Putting Members First law applies only to members who have not made an insurance election in the past. Members who have applied for and been granted increased insurance units, fixed cover, or life events cover, are not subject to insurance cancellations under this legislation.

For further information about the insurance options available with your BUSSQ account, please see the MySuper Product Disclosure Statement (PDS), or Premium Choice PDS and Insurance Handbook.

Need help?

If you are unsure about whether or not you should continue to have insurance cover or your insurance options, we encourage you to seek financial advice.

Further information about insurance in superannuation is also available on ASIC's MoneySmart website.

BUSSQ is here for you

When it comes to getting your insurance needs sorted, or any part of your super for that matter, we’re here to help. We can help sort your insurance needs simply and quickly, whether it’s with us or another provider. Call us on 1800 692 877 and one of our friendly team will help get your super and insurance needs on track.