| Effective | Change |
|---|---|
| 1 February 2007 | Improvements to insuranceDeath and TPD insurance is now extended to age 65. Casual employees must make TPD claims within 6 months of the date of incapacity. Casual employees must work at least 9 hours per week (or an average of 9 hours per week over a 3 month period) to be entitled to TPD insurance. Casual employees for state elections are no longer entitled to insurance cover. Pension and Lump Sum Scheme members who salary sacrifice into Triple S can apply for Triple S Death and TPD insurance. Income Protection InsuranceIncome Protection Insurance is now extended to age 60. Payments have been increased to 75% of salary. Members must make Income Protection claims within 6 months of the date they ceased work due to incapacity. The benefit period has been extended to 18 months with a maximum of 24 months in extenuating circumstances. There is no requirement for sick leave entitlements to be exhausted before a benefit is claimed. A waiting period of 30 days from the date last worked will apply. Non-contributory members may also apply for Income Protection Insurance. Members who have been contributing for more than 12 months can choose to retain Income Protection Insurance without the need to make further contributions. Members must apply to continue Income Protection Insurance before they cease contributing. Contributory members can opt out of Income Protection Insurance if they:
Changes to contribution ratesThere is no limit on the percentage amount of after-tax contributions that can be made. Contributions must be a whole percentage (eg 5%, 75%) unless the amount is 4.5%. After-tax contributions are based on a percentage of salary before tax. Therefore, it is important that members do not elect to contribute an amount greater than their take-home pay. |
| 1 July 2006 | Moderate investment option introducedTriple S members now have the choice of seven investment options. |
| 2 October 2005 | Improvements to insuranceThe value of each unit of Standard and Fixed Death and TPD insurance has increased. The cost of each unit of Standard and Fixed Death and TPD insurance has decreased. Death cover has been extended to age 65. One unit of Standard cover increased to $75,000 from $50,000 for members under age 34. Cover also increased for members aged 34 and above. One unit of Fixed cover increased to $75,000 from $50,000. Standard units of insurance cost 75 cents per unit per week. This is a 25% reduction on the previous cost of $1 per unit per week. The cost of Fixed units of insurance also decreased. The cost is dependent on age and fixed at the age it was purchased. For a comparison between old and new insurance costs and cover levels, please visit the Fixed and Standard tables. |
13 January 2005 |
Government Co-contribution paymentsEligible Triple S members are able to receive Co-contribution payments through the Commonwealth Government's Co-contribution Scheme. |
19 August 2004 |
Payment of Superannuation Surcharge taxTriple S members can elect to have part of their lump sum entitlement withheld and used to pay any accrued surcharge debt. |
Please note that these updates cover the period since 30 June 2004. Earlier updates are available in the relevant Annual Reports.
