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Important changes and information


Published February 2016

This information is applicable to all ANZ Smart Choice account holders.

Updates to your Duty of Disclosure

Please read the content below carefully as it contains updated information about your duty of disclosure when applying for insurance cover through the products included in this update. These changes apply from 28 December 2015.

The information relating to insurance contained in this document is provided for summary purposes only. Please refer to the relevant PDS for details of insurance cover. To the extent of any inconsistency with the relevant insurance policies, the terms and conditions of the policies will prevail.

What is the reason for the changes?

The Insurance Contracts Amendment Act 2013 (Cth) has amended the Insurance Contracts Act 1984 (Cth) as it relates to an insured’s ‘Duty of Disclosure’ to an insurer. 

When do the changes apply and who do they apply to?

The ‘Duty of Disclosure’ change applies to all applications for new insurance cover or requests to alter existing cover from 28 December 2015.

What is the new Duty of disclosure?

Duty of disclosure

The Trustee who enters into a life insurance contract in respect of your life has a duty, before entering into the contract, to tell the Insurer anything that they know, or could reasonably be expected to know, may affect the Insurer’s decision to provide the insurance and on what terms.

The Trustee has this duty until the Insurer agrees to provide the insurance.

The Trustee has the same duty before they extend, vary or reinstate the contract.

The Trustee does not need to tell the Insurer anything that:

  • reduces the risk the Insurer insures you for; or
  • is of common knowledge; or
  • the Insurer knows or should know as an Insurer, or
  • the Insurer waives your duty to tell the Insurer about.

In order for the Trustee to comply with the duty of disclosure, we require you to tell us [Trustee] and the Insurer, anything you know, or could reasonably be expected to know, that may affect the Insurer’s decision to insure you and on what terms.

If you do not tell us and the Insurer something that you know, or could reasonably be expected to know, may affect the Insurer’s decision to provide the insurance and on what terms, this may be treated as a failure by the Trustee entering into the contract to tell the Insurer something that they must tell the Insurer.

If you do not tell the Insurer something

In exercising the following rights, the Insurer may consider whether different types of cover can constitute separate contracts of life insurance. If they do, the Insurer may apply the following rights separately to each type of cover.

If you do not tell us or the Insurer anything you are required to, and the Insurer would not have provided the insurance or entered into the same contract with the Trustee if you had told the Insurer and the Trustee, the Insurer may avoid the contract within 3 years of entering into it.

If the Insurer chooses not to avoid the contract, the Insurer may, at any time, reduce the amount of insurance provided. This would be worked out using a formula that takes into account the fees that would have been payable if you had told the Insurer and the Trustee everything you should have.

However, if the contract provides cover on death, the Insurer may only exercise this right within 3 years of entering into the contract.

If the Insurer chooses not to avoid the contract or reduce the amount of insurance provided, the Insurer may, at any time vary the contract in a way that places the Insurer in the same position it would have been in if you had told the Insurer and the Trustee everything you should have.

However this right does not apply if the contract provides cover on death.

If the failure to tell the Insurer is fraudulent, the Insurer may refuse to pay a claim and treat the contract as if it never existed.

What do you need to do?

If you submit an application for new insurance cover or you make an alteration to existing insurance cover, you will need to ensure you disclose all relevant information to the Trustee and the Insurer on your application in accordance with the ‘Duty of Disclosure’ section above. 

Which products are impacted?

The following products are impacted:

  • ANZ Smart Choice Super for Employers and their Employees
  • ANZ Smart Choice Super for QBE Management Services Pty Ltd and their Employees
  • ANZ Smart Choice Super and Pension

Which Product Disclosure Statements (PDS) are impacted?

The following product disclosure statements are impacted:

  • ANZ Smart Choice Super for Employers and their Employees PDS dated 25 May 2015
  • ANZ Smart Choice Super for QBE Management Services Pty Ltd and their Employees PDS dated 25 May 2015
  • ANZ Smart Choice Super and Pension PDS dated 11 November 2013 

Changes to how insurance fees are deducted

Prior to 1 March 2016, and for those members with insurance within ANZ Smart Choice, insurance fees were deducted monthly in advance from their ANZ Smart Choice account, proportionately across their investment option(s) in line with their future investment strategy.

How does this impact existing members?

From March 2016 onwards, insurance fees will continue to be deducted monthly in advance, but now in proportion to the balance across all of your investment option(s). In the event that fees cannot be deducted from a specific investment option(s), the fees will be deducted proportionately across all of your remaining investment option(s). 

Members who do not currently have insurance cover with ANZ Smart Choice Super are not impacted.

Which ANZ Smart Choice Superproducts are impacted?

  • ANZ Smart Choice Super and Pension
  • ANZ Smart Choice Super for Employers and their Employees
  • ANZ Smart Choice Super for QBE Management Services Pty Ltd and their Employees

Which Product Disclosure Statements (PDSs) are impacted?

  • ANZ Smart Choice Super and Pension PDS dated 11 November 2013
  • ANZ Smart Choice Super for Employers and their Employees PDS dated 25 May 2015
  • ANZ Smart Choice Super for QBE Management Services Pty Ltd and their Employees PDS dated 25 May 2015

When will the change become effective?

The change is effective 1 March 2016.

Any questions?

If you have any questions or require further information, please:

Are you still covered?

Have your personal circumstances changed? If so, have you told us – because it may mean that you are no longer insured.

Did you know that even though you have continued to pay your insurance fees, a change in your personal circumstances may mean that you are no longer covered? It is important that you continue to advise us of any changes in your personal or working circumstances.

For instance, does one of the following apply to you - if so, you may no longer be covered.

  • Have you permanently retired from the workforce?
  • Have you commenced active service in the defence forces of any country?
  • Were you a visa holder, and has your visa expired?
  • Have you transferred to the Pension or Transfer to Retirement (TTR) division of another super fund?
  • Have you been working overseas for more than two years?
  • Have you been on employer-approved leave for a period of two years or more?
  • Have you been travelling overseas for more than two years?
  • Were you not at work on the day that your cover commenced?
  • Have you permanently departed Australia?

Please make sure that you contact Customer Services to advise us of changes in your circumstances. 

Talk to us about superannuation

13 12 87

Mon-Fri 8am to 7pm (AEST) 

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ANZ Smart Choice Super is a suite of products consisting of ANZ Smart Choice Super and Pension, ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (together ‘ANZ Smart Choice Super’). ANZ Smart Choice Super and Pension is a retail product issued pursuant to a Product Disclosure Statement (PDS). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are both MySuper compliant employer products issued pursuant to a separate PDS for employer plans and PDS for QBE.

ANZ Smart Choice Super is issued by OnePath Custodians Pty Limited (OnePath Custodians) (ABN 12 008 508 496, AFSL 238346, RSE L0000673), and 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 is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Custodians is the issuer of ANZ Smart Choice Super but is not a Bank. Except as set out in the relevant Product Disclosure Statement (PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer or the capital or performance of any investment. Such investment is subject to investment risk, including possible repayment delays and loss of income and principal invested. Returns can go up and down. Past performance is not indicative of future performance.

ANZ Smart Choice Super and Pension received a Gold rating in SuperRatings’ 2019 product rating in both the Super and Pension categories. ANZ Smart Choice Super for employers and their employees received a Gold rating in SuperRatings’ 2019 MySuper product rating. SuperRatings does not issue, sell, guarantee or underwrite these products. Go to www.superratings.com.au for details of its ratings criteria.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information you should consider whether the information is appropriate for you having regard to your objectives, financial circumstances or objectives. ANZ recommends that you read the ANZ Financial Services Guide, the relevant Product Disclosure Statement, product and other updates which are available by calling Customer Services on 13 12 87, or visiting our website here or here (for employer members), and consider whether the product is right for you before making a decision to acquire or to continue to hold the product. 

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. 

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 exit fees, other 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.

ANZ does not represent or guarantee that access to ANZ Internet Banking or the ANZ App will be uninterrupted. Temporary service disruptions may occur. ANZ recommends that you read the ANZ App Terms and Conditions available at anz.com and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App. The ANZ App is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them.

In addition to their salary, ANZ staff members may receive monetary or non-monetary benefits depending on the product they are selling or providing advice on. You may request further information from ANZ. Other key features including insurance, available investment options and performance, exit fees and functionality are relevant when choosing a super fund. 

This information may be subject to change. Updated information will be available free of charge by calling Customer Services on 13 12 87.