Mercy Super - Always for you

From 1 July 2018 Mercy Super adopted the Insurance in Superannuation Voluntary Code of Practice “the Code”.  Under the Code there are a number of standards superannuation funds are to adhere to by 30 June 2021.

A copy of the full Code can be found here: Insurance in Superannuation Voluntary Code of Practice

Mercy Super already complies with most of the standards within the Code.  As elements of the Code are rolled out, our focus will be on communicating with you how we comply with the Code.  This will be done in two stages:

When What Why

Stage 1

by 1 January 2020



























Section 15 Definition of Automatic Insurance Members Identify members who have automatic insurance cover as defined by the Code.
Sections 6, 7, 11, 13 and 14 Supporting Vulnerable Consumers, Claims Handling, Enquiries & Complaints To ensure:

  • Our staff and service providers are trained to provide assistance and support to you when you need it.
  • Appropriate governance arrangements are in place for our Claims Process and that the claims process is as straight-forward as possible for you.
  • Information is provided to you on request about your premiums, your cover or any decision that has been made regarding your cover.
  • An annual Code compliance report is published on our website.
Section 10 Changes to Cover To ensure we have provided instructions on how to change your cover.
Sections 4.18 – 4.31 Cancelling, cessation and reinstatement of cover To ensure:

  • Clear instructions are provided on how to cancel or reduce your cover and the conditions when cover ceases.
  • Information is provided about the impact of insurance premiums on your retirement savings when there are no longer contributions being made to your account.
  • Premiums are refunded to your account if you advise within specific timeframes that you no longer wish to have cover in Mercy Super.
  • Your permission is sought to help you determine whether you have any other insurance cover in another superannuation fund.
Section 5 Communication A Key Facts Sheet is available on our website.

To ensure our communications to you are appropriate and easy to understand, we will undertake consumer testing with members.

Section 12 Staff and Service Providers To ensure all staff and service providers are aware of the requirements of the Code a training program will be rolled out.

Stage 2

By 1 July 2020
Section 4.1 – 4.17 Benefit design and premiums standards In reviewing the appropriateness of our automatic cover:

  • The specific needs of members under the age of 21, members who contribute less than $1,800 per annum, and members over the age of 60 will be considered.
  • The affordability of our premiums will be tested using the Australian Taxation Office’s salary scale, calculated over a lifetime of membership.
Sections 8 and 9 Premium Adjustments, Promoting our insurance cover Any premium adjustment arrangements will be published on our website.

Additional insurance cover will be promoted to members and information will be provided to appropriate segments of our membership.