Affordable and quality insurance the key driver as Cbus Super confirms decision to reappoint TAL as its insurer
Cbus Super, the leading industry super fund for the building and construction and allied industries, today confirmed that following a review it has agreed to proceed with re-appointing TAL to provide insurance for its 774,000 members*. The proposed arrangement will be effective for five years from 1 July 2021.
Cbus Super Group Executive Member and Employer Experience, Marianne Walker said, 'Insurance is one of the most important benefits that a super fund can provide.
'This is particularly true for Cbus members, where the nature of building and construction means they face a higher risk of workplace injury than other industries. Around two thirds of Cbus members currently work in the building and construction industry.’ See the Cbus Submission to the retirement income review (PDF).
With a focus on Cbus and TAL as business partners, TAL has committed to:
- deliver or support a range of activities critical to the future success for Cbus that includes providing even better service and outcomes for members;
- a lower cost pricing model that will deliver better financial outcomes for members and support sustainability; and
- an enhanced governance and oversight model.
Marianne Walker said, ‘We are reappointing a strong performing insurer who has delivered excellent service to our members. TAL strongly supports Cbus desire to provide high quality purpose built insurance for our members and we are pleased to continue to partner with them. We look forward to continuing to deliver great outcomes for our members with TAL.’
With the superannuation and insurance industries adjusting to the federal government’s recently announced budget measures, the importance of maintaining default insurance for Cbus’ members was front of mind when negotiating the new arrangements.
Marianne Walker said, ‘The stapling proposal in the Budget announcements, where members stay with the first super fund they join, make the insurance benefits our members receive through the default system even more important.
‘Under the proposals, members may get ‘stapled’ to a fund at their first job. For example, from bar work or a retail job when they are at school or studying after they finish school. Later, when they move to their chosen career in the building and construction industry, the insurance they received from the original fund may not cover them, as they are in an industry that can be classified as dangerous.
‘Continuing to work with TAL to maintain the cover for our members, will help keep them reassured as they progress through their career in the building and construction industries.’
Elisabeth Bowdler, 0412 112 374 or email@example.com
Gerry Costigan, 0418 512 087 or firstname.lastname@example.org
* at 30 June 2020 per https://www.cbussuper.com.au/about-us/cbus-fund-information