Our admin fee has changed
AustralianSuper regularly reviews the products and services we offer including how much they cost members. We modelled a wide range of options to make sure the new admin fee structure is equitable and sustainable, while complying with all regulations.
As Australia’s largest super fund, we’re focused on delivering top, long-term investment performance* to help you achieve your best financial position in retirement.
All current members will have received a Significant Event Notice via email or post from early June to early August 2022, about this admin fee change in September 2022.
A new admin fee structure came into effect on:
- 3 September 2022 for all super accounts, and
- 1 September 2022 for all Choice Income and TTR Income accounts.
This means the new admin fee amount may decrease, increase or stay the same depending on your client’s account balance when the new fee structure came into effect.
To keep fees and costs low, we’ve also removed the contribution split fee (for super accounts only), the family law request for information fee and family law split fee.
For details on the change, please visit australiansuper.com/FeeChange
* AustralianSuper Balanced investment option (for super and TTR Income) compared to the SuperRatings Fund Crediting Rate Survey – SR50 Balanced (60-76) Index to 30 June 2022. AustralianSuper Balanced investment option (for Choice Income) compared to the SuperRatings Pension Fund Crediting Rate Survey - SRP50 Balanced (60–76) Index to 30 June 2022. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
Important update about the new member insurance offer
From 3 September 2022, we’ll be removing the new member insurance offer cover limits for new members and simplifying the insurance cover transfer process from another fund or insurer to AustralianSuper.
We’re writing to all registered advisers about the details of this important change.
Why we’re making this change
We’ve made this change to improve premium sustainability and to simplify the insurance offering to new members when they join. Underwritten additional cover is in the best interest for all members, and considers fairness to existing members, particularly those on default insurance. The changes lessen the increased claims risk posed by new members who increase their cover without underwriting when they join.
What are the changes?
Eligible new members who join AustralianSuper from 3 September 2022, can apply to start their basic (default) cover (not applicable to AustralianSuper Personal Plan) before they meet the Putting Members Interests First (PMIF) eligibility requirements and without underwriting. They can do this when they apply to join AustralianSuper or within 120 days of the date on their Welcome Letter by completing and returning the Start your basic cover form enclosed with the letter.
This will replace the existing new member insurance offer which in addition to starting basic cover also included the opportunity for members to apply for more cover up to a certain limit without underwriting.
Members can apply for additional cover subject to underwriting (completing health questions for the Insurer to consider) anytime.
How we’re simplifying insurance transfers
We’ll be simplifying the transfer process for members who apply to transfer cover they have from another super fund or insurer by:
- extending the period to accept evidence of insurance, and
- expanding on the types of evidence accepted.
This will include a printout or a screenshot of the online account of a member’s other super fund that shows their insurance cover (this must include a date stamp).
Please read the new Applying for an insurance transfer fact sheet that guides members through the transfer process.
They’ll be able to apply to transfer any existing Death, TPD or Income Protection cover from their individual insurance policy or another super fund to AustralianSuper. The maximum amount of cover that can be transferred is $2 million for Death and TPD cover and $20,000 a month for Income Protection. Their total cover after transfer can’t exceed the maximum cover amounts under the policy. If the cover they’re transferring has existing conditions or exclusions, or is limited cover, these conditions will continue to apply to their cover with AustralianSuper.
See the Insurance in your super guide for terms and conditions.
How can members increase their insurance cover above basic cover?
Members can tailor their cover and apply for additional cover anytime subject to underwriting. There are no time limits to take up this option.
Members in any occupation also have access for cover up to certain limits with short underwriting (by answering nine health related questions):
- Death and/or Total & Permanent Disablement (TPD) cover up to $800,000
- Income Protection up to $10,000 with a benefit payment period up to two years.
Subject to the responses to the short underwriting questions, members may need to provide more information for the Insurer to consider. There are no blanket exclusions for any occupation for underwritten Death, TPD and two year Income Protection cover.
Members can also apply for additional cover up to certain limits due to a life event once every 12 months and only need to answer a few health questions. They can apply within 60 days of one of these life events occurring:
- getting married or divorced
- having a child or adopting a child
- starting or ending a de facto relationship
- a spouse or de facto dies
- taking out a mortgage to purchase or build a main home in Australia
- becoming eligible for a Centrelink carer’s allowance.
To apply for new or more cover due to a life event, members can use the app, log into their account and go to My insurance or complete the Application for Life Event insurance cover form at australiansuper.com/InsuranceForms
They can also apply to increase their Income Protection up to a limit when they have a salary increase. See the Insurance in your super guide for terms and conditions.
If you have any questions, simply contact the Adviser Services team.
Adviser Portal extractions and uploads to XPLAN
Find out how to extract member transactions from the Adviser Portal and upload them easily into XPLAN with this short step by step guide.