Insurance code

Superannuation Voluntary
Code of Practice Transition Plan

Aracon Superannuation Pty Ltd as Trustee of the Aracon Superannuation Fund (the Fund) confirms that it had adopted the Insurance in Superannuation Voluntary Code of Practice (Code of Practice), which commenced on 1 July 2018 on 20 December 2018 except for Sections 4 – 6 and 8 – 11.

This was appropriate at the time as the Fund did not offer any automatic insurance or default cover as its members were supported by a financial adviser. Members could request the Trustee to enter into individual insurance arrangements that they have selected with their financial adviser.

From the 22 October 2019, the Trustee of the Fund commenced offering Group Insurance through Hannover Life Re of Australasia to members of particular Sub Plans in the Aracon Superannuation Fund and adopted all provisions of the Code of Practice.

The products offered by the Trustee and covered by the code are:

  • Death Cover
  • Total & Permanent Disablement (TPD) cover
  • Terminal Illness benefit
  • Income Protection

The Insurance Management Framework is an Aracon Board reviewed internal document that outlines our insurance framework.

The Retail Insurance Products, requested by a member, approved by the Trustee and offered through Life Insurers who are members of the Financial Services Council (FSC), will also be covered by the Code. Any insurer that the Trustee contracts with must be members of the FSC and bound by the FSC Life Insurance Code of Practice.