ANZ says it will possess the first bank-owned retail superannuation funds to adopt the Insurance in Superannuation Code of Practice, to take effect in July.

“Our super funds already adhere to a number of the code’s aspects, including simple arrangements for members to opt out of life insurance, and we have additional initiatives under way to comply with other code requirements,” Head of Superannuation Mark Pankhurst said.

He says the bank is ensuring customers have appropriate cover at different life stages, and that it does not unnecessarily eat into balances and is presented in clear language.

The voluntary code was released before Christmas by the Insurance in Superannuation Working Group after a long consultation.

ANZ says the code is a “positive step” for the industry.