Significant Event Notices

SEN title

Notice date

Nature of event or change

Impact of change

• Important change to your insurance
• Important change to our insurance

• People with DTI and TPD insurance will pay more for their insurance from 1 October 2019.
• People without DTI and TPD insurance are not affected but will pay more if they take out insurance after 1 October 2019.

1. Changes as a result of Protecting your super (PYS) legislation.
2. Changes to investment options.
3. Minor product changes.
4. Clarification on when premiums are refunded if you’re certified disabled.
   

1. PYS - a 3% cap on fees for balances below $6,000; cancellation of insurance on inactive accounts; transfer of inactive low-balance accounts to the ATO.

2. Investment options - changes to asset allocations, investment objectives and risk profiles.

3. Minor product changes:
- Lifecycle Strategy switches - will occur on a person’s birthday (was May or November).
- Term Deposit (TD) investment option - minimum reducing to $20,000, matured  TDs will transfer to Cash investment option (rather than Transaction Account); Transaction account closing.

4. Premiums refunded if date of disablement:
- on or after 1 April 2017 - back to day after date of disablement.
- prior to 1 April 2017 - to 1 April 2017.

A DBIS:

• can’t be combined with other super money
• can’t be transferred back into a super accumulation account
• will count towards the beneficiary’s ‘transfer balance cap’
• when paid to a spouse, will be taxed at a rate based on the pension holder’s age and spouse’s age when the pension holder passes away.
  

25 June 2018

• We’ve decreased our IP insurance premiums.
• We’ve changed the mix of assets in our investment options.
• We have made corrections to communications we sent in 2017.

• We’ve reduced our IP insurance premiums by between 5.9% and 6.4% for all members.
• Each year our investment team review our investment options. As a result, the levels of risk and investment percentage ranges for our investment options have changed.
• In 2017 we sent a notice to all members detailing changes to our investment options and government changes to super that came into effect on 1 July 2017. This is a notification of two corrections to this communication.

Important information about our insurance and the fees on your account.

There were various versions of the SEN segmented based on the impact of the changes on the member’s personal situation.

• Insurance - version one
• Insurance - version two
• Insurance - version three
• Fees only (pension members)

Single definition of total and permanent disability (TPD).

Fairer premiums for members with Basic Insurance Cover by introducing age based premiums.

We’ll pay a terminal illness (TI) insurance benefit for people whose doctor has certified that they’re likely to pass away within 24 months.

Automatic Basic Total and Permanent Disablement Insurance Cover is reducing for people over 55.

More equitable premiums for members with IP insurance by increasing the premiums for people who’ve changed their waiting and / or benefit periods.

Updating fees disclosure in line with the government’s new rules.

Single definition of TPD – members with current insurance on their account which started before 1 July 2014 will now have TPD claims assessed on their ability to work in any job which they’re reasonably qualified by their experience, education and training.

TI benefit – certification period will increase to 24 months for all members.

Automatic Basic TPD Insurance Cover – reducing for all members over 55.

Premium changes – some members will have lower premiums, others higher premiums. The impact dependent on member’s personal situation.

Fees – There’s no impact on the net investment return. The change is a disclosure requirement as a result of changing legislation.

Important changes to your account

There were three versions of this SEN: for members with a super account, for members with a pension account and for members with a defined benefit account.

Some corrections to this SEN.

26 May 2017

• We’re changing the mix of assets in our investment options.
• We’ve appointed a new insurer.
• We’ve changed our unit pricing process which means transactions are processed faster.
• The government has made a number of far reaching changes to super.

• The investment objectives, levels of risk and investment percentage ranges for our investment options are changing.
• Members will now have the ability to process transactions faster and have them shown in their account balance sooner.
• The government's super changes are far reaching so the impact on members will depend on individual circumstances.

Important changes to our Income Protection insurance - 18 March 2016

There were three versions of this SEN: members with IP insurance, members without IP insurance and a 'generic' version. The SEN linked to above is the 'generic' one. If you'd like to read one of the other versions give us a call on 13 MINE (13 64 63). 

12 February 2016

• Our IP insurance premium rates will increase by 53%.
• The Heavy Manual job classification factor will increase from 2.4 to 3.2.
• If you’re being paid a benefit from IP insurance and receiving Workers Compensation payments, your IP benefit payment will stop when you’re fit to return to work. Currently, they can stop when your Workers Compensation payments stop for other reasons.
• Government stamp duty we collect on IP premiums will reduce to 6.5% from 7.0%. Stamp duty is included in the cost of IP insurance.