Document ID: chunk:federal_register_of_legislation:F2022C01064:reg:14:p1
Version: federal_register_of_legislation:F2022C01064
Segment Type: reg
Provision Reference: reg 14 (pt 1/2)
Character Range: 25503–27982

14  Requirement for providing or offering insurance in respect of death

MySuper members
 (1) For the purposes of paragraph 32C(2)(d) of the Act, for a MySuper member, other than a member who is a defined benefit member, the requirement is that insurance be provided by the fund in the event of the death of the member:
 (a) for a person of an age in an age range mentioned in subsection (5)—at the level mentioned or higher; or
 (b) for a person who is under 56 years—at a premium of at least $0.50 per week, or the equivalent.
 (2) However, if a MySuper member, other than a member who is a defined benefit member, has elected that insurance in relation to death not be provided, or that insurance in relation to death be provided at a lower level than provided for in subsection (1), the requirement is that insurance be offered by the fund in the event of the death of the member:
 (a) for a person of an age in an age range mentioned in subsection (5)—at the level mentioned or higher; or
 (b) for a person who is under 56 years—at a premium of at least $0.50 per week, or the equivalent.
 (3) The provision, by a regulated superannuation fund, of insurance in respect of death in accordance with subsection (1) is subject to such reasonable conditions as the trustees of the fund determine.

Members other than MySuper members
 (4) For the purposes of paragraph 32C(2)(e) of the Act, for a defined benefit member, or a member other than a MySuper member, the requirement is that insurance be offered by the fund in the event of the death of the member:
 (a) for a person of an age in an age range mentioned in subsection (5)—at the level mentioned or higher; or
 (b) for a person who is under 56 years—at a premium of at least $0.50 per week, or the equivalent; or
 (c) if the contribution is made to a defined benefit superannuation scheme on behalf of a defined benefit member—that provides a death benefit with a future service component that is at least equivalent to the level of insurance in relation to death mentioned in paragraph (a).

Level of insurance
 (5) For the purposes of paragraph (1)(a), (2)(a) or (4)(a), the level of insurance in respect of death is as follows:
 (a) if the person is aged from 20 to 34 years—$50,000;
 (b) if the person is aged from 35 to 39 years—$35,000;
 (c) if the person is aged from 40 to 44 years—$20,000;
 (d) if the person is aged from 45 to 49 years—$14,000;
 (e) if the person is aged from 50 to 55 years—$7,000.

Exceptions