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Notice date Impacted members Nature of event or change Impact of the change

25 June 2018

Effective 3 Sept 2018

 

Triple S members

 

Income Protection (IP) Insurance change:

  • Cover extended to age 65
  • Provides a fortnightly income of up to 75% of salary plus a Contribution Replacement Benefit (CRB), for up to 24 months (or up to age 65, whichever occurs first)
  • Change to definition of “temporary disability”.
  • Waiting period remains at 30 days with the option to elect a 90 day period
  • Introduction of new age-based premium scales which correspond to the waiting period

Automatic Acceptance Limit 

Longer period of cover

Greater flexibility in insurance cover

Decrease/increase in premiums depending on age and waiting period

 

25 June 2018

Effective 3 Sept 2018

Death and Total and Permanent Disablement (TPD) Insurance change:

  • Cover extended to age 70
  • Minimum automatic cover increased to three Standard units
  • TPD definition changed
  • New Fixed Benefit Insurance option for Death and TPD

Option to cancel Death and TPD insurance available to most members

Greater flexibility and more choice

Option to fix value of cover

More automatic cover will result in a higher cost to the member

Active Triple S members with one or two Standard units of automatic cover will have three units.

Super SA must receive the “Change to Insurance” form by 5pm, 3 October 2018 from members wanting to cancel the extra unit of Standard cover without incurring fees for this unit.

The new TPD definition will apply to claims with a date of termination on or after 3 September 2018.

25 June 2018

Effective 3 Sept 2018

Triple S Spouse members

Death Only Insurance change

  • Cover extended to age 70
  • New Fixed Benefit Insurance option for Death Only Insurance 

 Longer period of cover

Option to fix value of cover

25 June 2018

Effective 3 Sept 2018

Flexible Rollover Product investors

Death and Total and Permanent Disablement and Death Only Insurance change:

  • Cover extended to age 70
  • New Fixed Benefit Insurance option for Death and TPD
  • TPD definition changed

 Longer period of cover

Option to fix value of cover

The new TPD definition will apply to claims with an event day on or after 3 September 2018.

25 June 2018

Effective 3 Sept 2018

Flexible Rollover Product Spouse investors

Death Only Insurance change:

  • Cover extended to age 70
  • New Fixed Benefit Insurance option for Death Only

 Longer period of cover

Option to fix value of cover

11 Jan 2018

Effective 1 Mar 2018

Flexible Rollover Product

Change to Operational Risk Reserve fee

 

An increase in the ORR fee from 0.04% to 0.05%.

This equates to an additional $5 per year per $50,000 invested in the Balanced option.

18 Nov 2016

Effective
1 Jan 2017

Lump Sum Scheme
Pension Scheme

Change to investment strategy - new Defined Benefit High Growth option

Lump Sum Scheme - the Employer Contribution Account (ECA), including all PSESS and SG accounts, will be invested in a  Defined Benefit High Growth option.

Pension Scheme - all accounts (ECA, Member Contribution Account, Rollover Account and SG Account) will be invested in a Defined Benefit High Growth option.

The above accounts were previously invested in the Growth option.  

 

18 Nov 2015

Effective
1 Jan 2016

Flexible Rollover Product

New Withdrawal fee

The first partial withdrawal from your FRP account in each financial year will be free but for second and subsequent partial withdrawals a $20 fee will be charged.

The first partial withdrawal between 1 January and 30 June 2016 will be free.

For second and subsequent withdrawals a $20 fee will be charged.

18 Nov 2015

Effective
1 Jan 2016

Flexible Rollover Product

Change to minimum Administration fee

The administration fee for your account remains at $1.35 per week (or $70.20 per year).

However if you join or close your account before the end of the 2015/16 financial year the minimum administration fee charged will be $35.10.

If you join or close your account the minimum annual administration charge will be $70.20 in any financial year.

18 Nov 2015

Effective
1 Jan 2016

Triple S
Super SA Income Stream
Flexible Rollover Product
Super SA Select
Lump Sum Scheme
Pension Scheme

Investment objective to decrease by 0.5% p.a. for Conservative, Moderate, Balanced, Growth and High Growth investment options.

Find more information on the Investments page.

No impact on member funds