skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus

Important changes and information

Published 21 May 2020

 

Important reminder: deadline to reinstate your insurance cover is June 30. 

1. Changes to insurance in super – Putting Members’ Interests First (PMIF) legislation

The Federal Government’s Putting Members’ Interests First legislation came into effect on 1 April 2020. If your insurance cover was cancelled as a result of this legislative change and you would like to keep (reinstate) your insurance cover, it’s not too late to get it back.

You can reinstate your insurance cover without providing health evidence by completing and returning an Insurance Reinstatement form, which we will need to receive before 30 June 2020.

If we receive your reinstatement request before 30 June 2020, we will reinstate your insurance cover continuous from the 1 April 2020 cancellation date. This means no gap in cover, and we will deduct insurance fees (premiums) from this date. Any exclusions, restrictions or loadings that applied to your insurance cover before cancellation will apply to your reinstated cover.

If we receive your reinstatement request after the 30 June 2020 deadline, any insurance cover will re-start from the date we receive your request and will not be backdated.

In this case, the insurance cover will be ‘New Events Cover’ for a fixed period of 11 months, then converting to full cover once you have been ‘At Work’ for 30 consecutive days from the end of the 11 month period. This means that New Events Cover will apply for at least 12 months.

Available exemptions

Some exemptions have been provided under the legislation, meaning your cover will not be cancelled if:

  • You are an Emergency Services Worker, or work in a ‘Dangerous Occupation’. The trustee of ANZ Smart Choice Super has made an election that members employed in specified occupations are covered by this exemption, or
  • your employer fully meets the cost of your insurance cover.

It’s important you let us know if you are no longer employed in one of the exempt occupations, as your insurance cover may be impacted. You can access the Trustee’s Election, including the exempt occupations here.

If our records currently indicate that your occupation is exempt, you will have received a written communication from us confirming that your insurance cover has remained in place.  Of course, you have the option to cancel, reduce or increase your insurance cover at any time. 

The above is relevant to OnePath Life insurance arrangements only. Some other insurers may also offer reinstatement terms. Where applicable, you will be advised of any available reinstatement terms as part of communications we issue upon cancellation of your insurance cover.

2. Are you insured correctly?

It’s important that we have your correct occupation and occupational category on record, so you pay the right amount for your insurance cover. We use occupational categories to determine insurance eligibility and insurance fees, so it’s important that your details are correct. You can easily let us know of your current occupation and if it changes in the future by calling Customer Services.

What happens to your insurance cover when you leave your employer?

For more information, download the full PDF (PDF 724kB) and refer to page two for details.

Personal circumstances

Let us know when your personal circumstances change to ensure you’re still insured. Even if you continue to pay your insurance fees, a change in your personal circumstances, such as retiring permanently from the workforce or if you permanently depart from Australia, could mean that you’re no longer covered.

 

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

Previous important changes and information

Important changes and information – February 2020
 

Important reminder that you may need to take action to retain your insurance cover.

Important changes and information – November 2019
 

The latest updates and insights on Smart Choice Super.

Important changes and information – August 2019
 

The latest updates and insights on Smart Choice Super.

Important changes and information - August 2019
 

A summary of significant product, insurance or regulatory changes that may impact your ANZ Smart Choice Super account.

“ANZ Smart Choice Super” is a suite of products consisting of ANZ Smart Choice Super and Pension (PDF 113kB)ANZ Smart Choice Super for employers and their employees (PDF 122kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 124kb). The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at anz.com/smartchoicesuper. ANZ Smart Choice Super is part of the Retirement Portfolio Service (the Fund) (ABN 61 808 189 263) and is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OPC), the trustee of the Fund. OPC is a member of the IOOF Group of companies, comprising IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the IOOF Group of companies (including OPC) are not related bodies corporate. ANZ does not guarantee these products.

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid. 

This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

You need Adobe Reader to view PDF files. You can download Adobe Reader free of charge.

Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880. For a copy of the latest SuperRatings research, click here (PDF 452kB).

For more information, visit moneymag.com.au, selectingsuper.com.au and superratings.com.au SuperRatings does not issue, sell, guarantee or underwrite this product. Learn more about SuperRatings' criteria.