Important changes to your super and insurance

On 28 May 2022, when we moved your super account to AustralianSuper’s largest division – the AustralianSuper Plan, we also moved any insurance cover you have. This was done automatically – you didn’t need to fill in any forms. Your cover amounts, your cover types, any Income Protection waiting and benefit payment period you have, and any limited cover or exclusions you have, remained the same. 

But there were some important changes to your cover when you moved to the AustralianSuper Plan:

Work ratings

An individual work rating applies to all your cover types - not just Income Protection.

Insurance costs

The cost of your insurance has changed. Use our insurance calculator to calculate your new costs. Choose the AustralianSuper Plan tab when you go to australiansuper.com/InsuranceCalculator

Or you can calculate them manually using the costs provided in your notice.

Terms and conditions

There were four changes to the terms and conditions of your cover when your super account was moved into the AustralianSuper Plan. These changes apply to fixed Total & Permanent Disablement cover, reducing your Income Protection waiting period if you’re terminally ill, when your cover stops (relating to joining the armed forces) and eligibility to apply for a terminal illness benefit.

These scenarios might provide the answer you’re looking for.

You have Income Protection cover

If you had a Blue or White Collar Income Protection work rating in the Public Sector Division, from 28 May 2022, you’ll have a White Collar individual work rating in the AustralianSuper Plan.

If you had a Professional Income Protection work rating in the Public Sector Division, from 28 May 2022, you’ll have a Professional individual work rating in the AustralianSuper Plan.

You can find your individual work rating using the AustralianSuper app, by logging into your account and going to My insurance.

 

You have Death and/or TPD cover only

In Public Sector Division, you didn’t have a work rating, but from 28 May 2022, you’ll have a White Collar individual work rating in the AustralianSuper Plan.

You can find your individual work rating using the AustralianSuper app, by logging into your account and going to My insurance.

 

You don’t have insurance cover

Work ratings only apply to insurance cover, so if you don’t have insurance, you don’t have a work rating.

But, if your insurance cover starts (or restarts) after 28 May 2022, you’ll have our default Blue Collar individual work rating.

If the application process was completed before the transfer to the AustralianSuper Plan, the Public Sector Division terms and conditions apply to the decision.

If the application process is completed on or after 28 May 2022, the AustralianSuper Plan terms and conditions will apply to the cover you receive. For more information on the terms and conditions of insurance in the AustralianSuper Plan, your eligibility for cover, how much you can apply for, what you’re covered for, when it starts and stops, active employment, limited cover and exclusions, and your insurance options, please read the Insurance in your super guide. Download a copy at australiansuper.com/InsuranceGuide 

The Public Sector Division has closed for all new and current members (except for a small number of members who have Income Protection with benefit payment periods up to five years and up to age 65).

Choosing a super fund is a big call 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.

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 28 May 2022, 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.

There’s a number of events that may cause insurance cover to stop. One of these events relates to being called to active duty in the armed forces. The conditions for this event are different in AustralianSuper Plan.

If the date you commenced employment with the armed forces of any country was before 28 May 2022, your cover will continue.

If you commenced employment with the armed forces of any country on or after 28 May, the AustralianSuper conditions apply. For more information, read the When does your cover stop? section of the Insurance in your super guide. Download a copy at australiansuper.com.au/InsuranceGuide

There are no changes to how standard exclusions apply to Income Protection, including: you won’t be paid an insurance benefit if an 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.

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. 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 My insurance, then Change my 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 phone, to more comprehensive, broader advice with a financial adviser*. Go to australiansuper.com/advice for more information.

* The financial advice you receive will be 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.

If your basic cover stops*, 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.

* 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.

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.

We’re closing the Public Sector Division as part of our longer-term strategy to simplify our product offer so we can continue to provide the value of scale for members.

We will be doing this with a phased approach to ensure that we are delivering the best possible outcome and assistance to Public Sector Division members.

In the first phase, the majority of Public Sector Division members moved to AustralianSuper’s largest division – the AustralianSuper Plan on 28 May 2022.

If you’ve read the SEN 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.