REI Super has previously stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Voluntary Code). The Code had been scheduled to come into effect on 1 January 2022.
Since the development of the Voluntary Code, the majority of the requirements in the Code have been overtaken by legislative and regulatory reforms. In addition, many of the elements of the Voluntary Code have already been implemented by REI Super to improve member experience.
For this reason, the Code owners announced on 1 July 2021 that the Code has been replaced with guidance on issues not covered by legislation. This guidance aims to improve to outcomes for vulnerable members and claims handling for members with life insurance.
The guidance has been jointly developed by the Code Owners and REI Super will consider this guidance in our interactions with members.
Note: The Code Owners are The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).