Welcome to AustralianSuper Select

The government reforms are designed to protect low balance super accounts from erosion by insurance fees. Younger members and members with lower super balances might not need basic insurance cover, so not paying for unnecessary insurance can help with building up low balances and achieving a comfortable retirement.

This means that from 1 April 2020 insurance can no longer be provided automatically to members who pay for their own insurance cover until:

• they’ve turned 25; and
• their super balance reaches $6,000; and
• they’re receiving employer contributions (age limits and other conditions apply).

If your AustralianSuper Select automatic insurance cover started before 1 April 2020 and:

• you pay for your cover, and
• your AustralianSuper balance hasn’t reached $6,000 at any time between 1 November 2019 and 1 April 2020, and
• you haven’t told us you want cover,

we’re required to remove it on 1 April 2020.

If your AustralianSuper Select automatic cover didn't start before 1 April 2020, we won’t be able to provide automatic insurance cover that you pay for until:

• you’ve turned 25, and
• your AustralianSuper super balance has reached $6,000, and
• you’ve received an employer super contribution into your super (age limits and other conditions apply).

Once you’ve met the three eligibility criteria above, your cover will start on the latest of these dates:

• the date the AustralianSuper Select arrangement started for your employer, or
• the date you started working for your employer, or
• the beginning of the period of your first employer super contribution (once your balance has reached $6,000), or
• 120 days before we receive your first employer super contribution (once your balance has reached $6,000), or
• the date your super balance reaches $6,000, or
• the date you turned 25.

Automatic cover is any cover you would automatically receive under AustralianSuper Select that you don’t have to apply for. This is often referred to as Select basic cover and this cover can be:

See your employee booklet for more information.

If your cover is removed due to the legislation change, it can restart once these three eligibility criteria are met:

• your AustralianSuper super balance has reached $6,000, and
• you’ve turned 25, and
• you’ve received an employer super contribution into your super account.

Once you’ve met the three eligibility criteria above, your cover will start on the latest of these dates:

• the date the AustralianSuper Select arrangement started for your employer, or
• the date you started working for your employer, or
• the beginning of the period of your first employer super contribution (once your balance has reached $6,000), or
• 120 days before we receive your first employer super contribution (once your balance has reached $6,000), or
• the date your super balance reaches $6,000, or
• the date you turned 25.

Example

• ABC Employer has an AustralianSuper Select plan that started on 1 February 2020
• John is a 35-year old employee with ABC Employer and his Select automatic cover started on 1 February 2020

On 31 March 2020

• John’s AustralianSuper super balance is $4,000 and has never reached $6,000
• He has automatic Death and Total & Permanent Disablement cover (TPD) cover

On 1 April 2020

• Because John’s balance didn’t reach $6,000 before 1 April 2020, his automatic Death and TPD is removed

On 20 June 2020

• John’s balance reaches $6,000

On 31 July 2020

• John receives an employer super contribution for the period 1 July 2020 – 31 July 2020

This means John’s cover will restart on 1 July 2020.

Any Select basic cover you have will have been removed on 1 April 2020. It may restart in the future, but it may be limited and could be higher or lower than the cover you have now.

Limited cover means you won’t be covered for any illnesses or injuries you had before you got your cover and it may last for different lengths of time.

To be eligible for automatic insurance cover to restart, you’ll need to be at least 25 years of age, have a super balance that’s reached $6,000 and be receiving employer contributions (age limits and other conditions may apply).

If you super balance reached $6,000 at any time between 1 November 2019 and 1 April 2020, your cover will continue even if your super balance falls below this amount in the future*.

*Your cover could also stop for a number of reasons. Refer to the When cover stops section of the Insurance in your super guide for more information.

McMillan Shakespeare Group members

If you’ve completed the Insurance nomination form and chosen to match the cover in your previous fund, this is considered a change to your cover, so you won’t be able to apply for the New member offer.

If you’ve completed the Insurance nomination form and chose Select basic cover, you’re still able to apply to increase your cover under the New member offer as long as you do this within 120 days of the date on your offer letter and haven’t made any other changes to your cover (including changing your work rating).

Other AustralianSuper Select members

If you’re a new member, you can still apply for the New member offer within 120 days of the date on your offer letter if you haven’t made any changes to your cover (including changing your work rating).

If you decide you don’t need insurance cover, you can cancel it by using the AustralianSuper app or logging into your account.

Via the mobile app:

• Select Insurance and then Change my insurance. You’ll be redirected to the insurer’s website, where you can select Cancel my insurance.

Via your online account:

• Log into your account australiansuper.com/how-to-login
• Select My insurance and then Change my insurance. You’ll be redirected to the insurer’s website, where you can select Cancel my insurance.

When you cancel your cover, you won’t be insured from the date your cancellation is accepted. This means for the type of cover you cancel:

• You (or your beneficiaries) won’t be able to make an insurance claim if something happens after the cancellation. Claims may still be paid for something that happened before you cancelled.
• The cost of cover will stop being deducted from your account (costs are deducted one month in arrears).
• You might not be able to get cover later. That’s because you’ll need to reapply and provide health information for the Insurer to consider.

No, it doesn’t. The super balance we work from to determine whether we can provide insurance cover to you after 1 April 2020 is your super balance without estimated investment returns.

The super balance you see in your online account or on the AustralianSuper app could be different to the figure we work from because it’s your super balance with investment returns (and estimated earnings) included.

We’re here to help, so if you’ve read through these FAQs and you still can’t find the answer to your query you can get in contact with us in a number of ways, including live chat, Facebook Messenger, email and phone. Visit australiansuper.com/contact to choose the option that suits you.