The overarching objective of the Code is to improve the insurance in superannuation offered to you and the processes by which insurance benefits are provided, ensuring automatic insurance in superannuation "is appropriate and affordable" and does not inappropriately erode future retirement income. The Code provides a range of initiatives that are beneficial to all members, including enhancing our claims service, improving member engagement, education and awareness of insurance, and improving the member experience.
Key Code Requirements are met by all our products which include Sunsuper for life, Sunsuper for life Business and Sunsuper for life Corporate. These requirements include:
Benefit Design/Membership Segmentation

Erosion Measures
Intention and Comprehension Statements
Cancellation Online
Interpretation Services
Automatic Cessation
Supporting Vulnerable Consumers
Claims Handling
Sunsuper became compliant with the Insurance in Superannuation Voluntary Code of Practice on 1 July 2018 for its public offer product, Sunsuper for life, which encompasses the vast majority of our members.
As at 1 July 2019, we are compliant across all aspects of the Code for all our products.
Due to the specialised nature of Sunsuper for life Corporate and Business plans, a small number of these plans from will not be compliant with the elements of the Code which relate to affordability, in particular the 1% premium cap from time to time. Sunsuper proactively work with our insurance partners and these employers to ensure plans meet the 1% premium cap wherever possible whilst still providing benefits tailored to the specific needs of their employees.
Annual Code Compliance Report
Sunsuper adopted the Code from 1 July 2018 and in an industry first also adopted compliance with the Code for our 1 million Sunsuper for life product members from the Code’s commencement on 1 July 2018, three years ahead of the transition time frame.
As a part of adopting the Code, Sunsuper has published our second Annual Code Compliance Report.
Sunsuper’s report shows results for the full 2019/2020 financial year.
Sunsuper’s Insurance Strategy
Our Insurance Strategy includes the Insurance Objectives / Principles as outlined below.
Insurance Objectives/Principles
The following insurance objectives/principles have been adopted in developing the insurance strategy ensuring that the premium structure and levels are sustainable, taking into account the impact premiums have on members’ retirement benefits.
- 1. Product and services
- • are designed in our collective members’ best interests,
- • are appropriate and affordable for our membership,
- • take into account the views / feedback of members,
- • contain innovation which is valued by a significant portion of our member base and delivered cost effectively,
- • are continually reviewed and updated, and
- • are viewed as being above the industry benchmark (e.g. top quartile for features / functionality and premiums (voluntary cover – at occupational category level, default cover – Funds with a similar occupational profile)) over the solution life cycle,
- 2. Premium cross subsidies are limited across ages and gender as far as is practicable,
- 3. Transition between products should occur easily and without diminished benefits,
- 4. Members are able to easily tailor their insurance cover (pricing, features, service) to meet their specific needs, and
- 5. Member communication and service capabilities are efficient, understandable and respectful to members and their beneficiaries.
Refund of premiums to the Trustee
As part of Sunsuper’s arrangements with AIA Australia to provide insurance to Fund members, the Trustee may receive a refund of premiums, depending on the level of claims against the insurance policies. The Trustee will pass on any refunded premiums through adjustments to future premiums or will use refunded premiums to assist with insurance administration costs. Any refunded premiums which are received and not yet used for these purposes are allocated to an insurance reserve.