Important changes to your super account and insurance

The Public Sector Division closed on 26 May 2023.

Choosing a super fund is a big decision and can have a significant impact on your future. It’s important to know what makes a good super fund, and what to look out for – so you can make the right choice.

Use the free AppleCheck comparison tool – provided by independent research firm Chant West to compare AustralianSuper against 200 other super funds. Go to australiansuper.com/compare

If you decide you don’t want your super account to be in the AustralianSuper plan, you can choose to roll your balance into another super fund.

Changing your waiting period or benefit payment period to reduce the monthly cost of your Income Protection is one option. If you’re not sure whether another waiting period or benefit payment period will still suit your insurance needs, consider getting some advice to help work out what cover you need (if any) and how much is right for you.

With AustralianSuper, you have access to a choice of help and advice options from simple, personal advice over the phone¹, to more comprehensive, broader advice with a financial adviser². Go to australiansuper.com/advice for more information.

¹ There’s no charge for general advice about your super account. The financial advice you receive will be provided by Link Advice Pty Limited ABN 36 105 811 836, AFSL 238145 and will be their responsibility. Personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.

² The Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account(s) can be deducted from your AustralianSuper account subject to eligibility criteria.

Fixed TPD cover gradually reduces from age 61 in AustralianSuper Plan. The gradual reduction of TPD cover is designed to reflect changing financial needs at that age, and to ensure the cost of TPD cover does not inappropriately erode retirement savings.

If the date you first had the terminal medical condition was before 27 May 2023, the Public Sector Division conditions will apply.

To talk about a possible claim, call us on 1300 667 387 from 8.30am to 5pm AEST/AEDT weekdays. An AustralianSuper insurance representative will be able to help you understand the process and what information you’ll need to provide to support your claim.

How will my insurance cover be affected if I join the Australian Defence Force Reserves?

From 27 May 2023, if you join the Australian Defence Force Reserves there won’t be any changes to your cover.

How will my insurance cover be affected if I join the Australian Defence Force (or the armed forces of any country)?

From 27 May 2023, if you join the Australian Defence Force (or the armed forces of any country) an exclusion will apply to any cover you have. This means you won't be paid an insurance benefit if your death, illness or injury, is directly or indirectly caused by your service in the armed forces of any country, other than service in the Australian Defence Force Reserves.

How will my insurance cover be affected if I’m already in the Australian Defence Force (or the armed forces of any country)?

If your PSD super account moved to the AustralianSuper Plan on 27 May 2023, and the date you joined the Australian Defence Force (or the armed forces of any country) was before 27 May 2023, any Death and Total & Permanent Disablement (TPD) cover you have will continue and the AustralianSuper plan ‘armed forces’ exclusion will not apply.

To talk about a possible claim, call us on 1300 667 387 from 8.30am to 5pm AEST/AEDT weekdays. An AustralianSuper insurance representative will be able to help you understand the process and what information you’ll need to provide to support your claim.

You can view the insurance costs (premiums) that have been deducted from your super account by logging into your account and going to Transactions and Transaction history. You’ll see the costs listed by cover type in the transaction list.

You can cancel your cover anytime. Simply log into your account and go to Insurance and Manage insurance.

It’s important to remember though that if you cancel your cover now you might not be able to get cover later. That’s because you’ll need to reapply and provide detailed health information for our insurer to consider.

If you decide to reapply for insurance cover after the transfer to the AustralianSuper Plan, your individual work rating will be the default work rating of Blue Collar (unless you apply to change it).

If you’re not sure whether you should keep your cover, consider getting advice to help work out what cover you need (if any) and how much is right for you.

With AustralianSuper, you have access to a choice of help and advice options from simple, personal advice over the phone¹, to more comprehensive, broader advice with a financial adviser². Go to australiansuper.com/advice for more information.

¹ There’s no charge for general advice about your super account. The financial advice you receive will be provided by Link Advice Pty Limited ABN 36 105 811 836, AFSL 238145 and will be their responsibility. Personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.

² The Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account(s) can be deducted from your AustralianSuper account subject to eligibility criteria.

If your basic cover stops¹, it can recommence if you start receiving employer super contributions into your super account again.

If your cover has restarted, you would have been provided with the basic cover for the plan you’re in and your age at the time which could be higher or lower than the cover you had before and it may be limited cover.

¹ If your cover stopped because you cancelled it, it won’t start again.

Membership of the AustralianSuper Plan is open to all Australians regardless of the industry they work in. This means that members work in a broad range of occupations.

Unless you apply to change your individual work rating, Blue Collar is the default work rating applied to your account when your cover starts. This is because we’re unable to make an assessment on the level of risk associated with your day-to-day working environment and tasks unless you apply to change your work rating.

Insurance cover with a Blue Collar work rating is the most expensive.

Statistics show that people who meet the criteria for a Professional work rating, including earning $100,000 or more, make less claims than people who earn below this amount. This means that if you earn less than $100,000 there is a higher likelihood that you will make an insurance claim. The difference in costs for White Collar and Professional reflects this difference in historical claims experience.

If you’ve read the notice and these FAQs and you still have a question, we’re here to help. You can message us via the app or through your online account. Or you can call us on 1300 667 387 from 8.30am to 5pm AEST/AEDT weekdays.