Corporate SEN summary

The following changes were made to API Superannuation Plan members’ accounts from 1 July 2024:

• Overall Permanent employees will receive an increase in Death & TPD premium rates
• Members aged 25 – 44 will receive a reduction
• Members aged 45 – 69 will receive an increase
• Standard cover levels and premiums remain the same for Casual employees
• Optional IP premium rates are decreasing
• Terminal Illness certification period will change to 24 months
• Claims escalation on 2 year IP benefits will no longer apply

The Enhanced Retirement Benefit (ERB) has been extended to also be paid-out to eligible members who:

• Choose to have future contributions paid to another super fund 
• Opt-out of ERB or request a full withdrawal from their account (including beginning an Accumulation account to start a Transition to Retirement account) 
• Change to casual employment with their employer and are no longer a member of the WGSP
• Have their employment transferred to another employer; or 
• Any other situation in which their defined benefit membership ends.

Tiffany & Co. Superannuation Plan with Australian Retirement Trust will close on 20 June 2025.  Your arrangements in this plan will be transferred to a Super Savings Accumulation account with Australian Retirement Trust.  Updated insurance arrangements:

• When you are transferred out from the Super Savings – Business Tiffany & Co. Super Plan to your new Super Savings Accumulation account, the structure of your insurance, its costs, and terms and conditions will change. 
• From the date of transfer, the following Insurance changes will apply: 
  • If you have Death and/or Total & Permanent Disability it will now be provided as Tailored cover on a fixed cover basis. This means your level of cover remains the same and the cost of your cover generally increases with age.  
  • If you have Tailored Death Cover it will continue until age 70 (previously age 67). Once you reach age 61, your Tailored Total & Permanent Disability cover reduces annually by 10% of your insured benefit at age 60, until your 70th birthday when cover ceases.  
  • If you have Income Protection cover it will now be provided as Tailored cover on a fixed cover basis. This means your level of cover remains the same and the cost of your cover generally increases with age.  
  • We have been told that Tiffany & Co. Australia Pty Ltd plans to implement employer-sponsored insurances through an external provider, independent of ART. This arrangement will be separate from any changes to your Super Savings Accumulation account. 
  • Any existing Death, Total & Permanent Disability and Income Protection cover will transfer to your Super Savings Accumulation account. If the employer-sponsored insurance is implemented, it will be important to review your cover as you cannot claim benefits from two Income Protection policies.  
  • You’ll receive an Insurance Welcome Summary following the transfer that will outline your new cover(s) and premium details. Under the Tiffany & Co. Superannuation Plan, the cost of your insurance cover was funded by the employer.  When this plan closes, premiums for insurance will be deducted from your Super Savings account on a weekly basis. 
  • If you have Death cover, the Terminal Illness benefit that applies is also changing. For information about insurance cover in your Super Savings Accumulation account, please refer to the Super Savings Insurance guide available on our website.
     

The following changes will be made to Newcrest Mining Limited Superannuation Plan from 1 July 2025:  

• Administration fees will no longer be employer funded  
• Insurance premiums will no longer be employer funded 
• Newcrest will continue to pay the administration fees and insurance premiums for Cadia EA employees and PNG Monthly employees that are part of this plan 
• Membership and cover will cease on 1 July 2025 for Insurance-Only employees of this plan. 

The following changes were made to ALS Limited Superannuation Plan members’ accounts from 1 July 2025:  

Changes to premiums  

• Death, Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing. 
• For Category A staff, there will be a decrease in premiums across Death, Total & Permanent Disability, and Income Protection. 
• For Category B staff under age 40, there be a decrease in premiums across Standard Death, Total & Permanent Disability, and Income Protection.  
• For Category B staff over age 40, there be an increase in premiums across Standard Death and Total & Permanent Disability.  There will be a decrease in premiums for Additional Death and Total & Permanent Disability, as well as Income Protection.

Terminal Illness definition 

To better align with the Superannuation Industry (Supervision) Regulation 1994 (SIS) definition for the early release of superannuation benefits under a Terminal Medical Condition, the insurance policy definition of Terminal Illness to receive payment of any Death insurance benefit held under this plan is changing from a certification period of a life expectancy of less than 12 months to 24 months.  

Life and Age Events 

The ability to increase your cover without the need for evidence of health through Life and Age Event options will be available from 1 July 2025.
 

The following changes were made to Australia Post Superannuation Scheme members’ accounts from 1 July 2025: 

Changes to premiums  

Death, Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing for all members. 

The change varies based on your gender and age. Members under the age of 50 will receive a small reduction, whereas members 50 and older will incur a small increase. 

The following changes were made to Domino's Pizza Enterprises Ltd Superannuation Plan members’ accounts from 1 July 2025:  

Changes to premiums  

• Death, Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing.  
• For Category A staff, on average, there will be an increase in premiums across Death, Total & Permanent Disability, and Income Protection. 
• For Category B and Category C staff, on average, there be a decrease in premiums across Death, Total & Permanent Disability and Income Protection.  

Terminal Illness definition 

To better align with the Superannuation Industry (Supervision) Regulation 1994 (SIS) definition for the early release of superannuation benefits under a Terminal Medical Condition, the insurance policy definition of Terminal Illness to receive payment of any Death insurance benefit held under this plan is changing from a life expectancy certification period of 12 months or less, to 24 months or less.  

Maximum cover level is changing 

The maximum cover level is the maximum limit a member can be covered for under this plan.  For Terminal Illness, this has increased to $5,000,000.   

Salary Review date 

Your Income Protection cover will be recalculated each 1 October; this previously occurred on 1 July. This date has been changed to better align to when salary adjustments occur with your employer. 

Claims escalation 

Currently, when on claim, your Income Protection benefits will be indexed by the lesser of the Consumer Price Index (CPI) increase or 5% on each anniversary of the commencement of your continuing claim. This feature has been removed from 1 July 2025 to streamline the costs associated with administering this plan to ensure its long-term sustainability.  

Life Event 

The ability to increase your cover without the need for evidence of health through Life Event option has been enhanced to allow members to apply to increase their cover at ages: 30, 40, and 50. 

TPD definition change 

Total & Permanent Disability definition change to include the following information:  

• The definition of Cognitive Function is changing to Cognitive Impairment, which provides more clinically objective criteria for the purpose of claims assessment. 
• The ‘unable to do basic activities associated with work ever again’ definition has been replaced with ‘defined Medical Conditions and being permanently unable to work because of it’ to enable the payment of benefit earlier for members suffering from the list of defined Medical Conditions.

The following changes were made to EVT Superannuation Plan members’ accounts from 1 July 2025.  

Changes to premiums  

• Death and Total & Permanent Disability (TPD) premium rates are changing. 
• Members around age 40 and under will in general experience a decrease in premiums for Death and TPD cover. 
  Members over age 40 may experience an increase in premiums for Death and TPD cover.  

Terminal Illness definition 

To better align with the Superannuation Industry (Supervision) Regulation 1994 (SIS) definition for the early release of superannuation benefits under a Terminal Medical Condition, the insurance policy definition of Terminal Illness to receive payment of any Death insurance benefit held under this plan is changing from a life expectancy certification period of 12 months or less, to 24 months or less.   

Life and Age Events 

The ability to increase your cover without the need for evidence of health through Life and Age Event options will be available from 1 July 2025
 

The following changes were made to Evolution Mining Superannuation Plan members’ accounts from 1 July 2025:

Changes to premiums  

• Death, Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing for all members. 
  While the plan has delivered value to members in need, the change in premium has been predominately driven by poor claims experience over the past 5 years.  
• Members will, on average experience an increase in Death and Total & Permanent Disability (TPD) premiums of 41%.  However, the actual increase will vary between individuals. Factors such as your age, gender, type of cover (standard or additional), and whether you hold insurance-only membership will influence the premium. 
• Income protection premiums are expected to increase by an average of 55%.  
• It is important to note that Evolution Mining pay for Standard Death & TPD and Income Protection cover for all employees. Additional Death & TPD is paid from your account balance. 

Introduction of insurance fee for insurance only members 

From 1 July 2025, a 10% insurance fee will be applied to the premiums of Insurance Only accounts of members who do not have their Superannuation Guarantee (SG) directed to the Evolution Mining Superannuation Plan. It is important to note that this insurance fee is incorporated into the insurance premiums and are paid by your employer.  

Terminal Illness definition 

To better align with the Superannuation Industry (Supervision) Regulation 1994 (SIS) definition for the early release of superannuation benefits under a Terminal Medical Condition, the insurance policy definition of Terminal Illness to receive payment of any Death insurance benefit held under this plan is changing from a life expectancy certification period of 12 months or less, to 24 months or less.

The following changes were made to Frasers Property Australia Superannuation Plan members’ accounts from 1 July 2025: 

Change of insurer 

Change of insurer from AIA Australia Limited to MLC Limited. 

Simplified product design 

Consolidation of the four occupational categories into one occupational category. This resulted in a slight increase to premium rates of employees formally in the white-collar category, and a decrease to premium rates of employees formally in the blue-collar category. 

Changes to premiums  

• Death, Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing. 
• Employees formally in the White-collar category will receive an increase for Death, TPD, and Income Protection. 
• Employees formally in the Blue-collar category will receive a decrease for Death, TPD, and Income Protection. 

AAL 

The Automatic Acceptance limit (AAL) is a specified limit where eligible employees will have their insurance cover automatically accepted without having to undergo an individual health assessment.  

• The AAL for Death and Total & Permanent Disability insurance cover is increasing to $1.5 million.  
• The AAL for Income Protection insurance cover is increasing to $180,000 p.a.  

Life Events 

Whilst Life Events will be retained, MLC do not offer Age Events. 

Administration fee reduction 

The Administration fee is reducing, with the nil insurance fee remaining in place. 

The following changes were made to Goodman Fielder Superannuation Plan members’ accounts from 1 July 2025: 

Change of insurer 

Change of insurer from AIA Australia Limited to Zurich Australia Limited. 

Life Event 

Your Life Event option is changing. With the change of insurers, age-based events will no longer apply. 

Changes to premiums  

Overall, premium rates for Death and Total & Permanent Disability (TPD) cover are increasing. The change varies depending on age, gender and occupation. 

The following changes were made to Mondelez Australia Superannuation Plan members’ accounts from 1 July 2025:

Change of insurer 

Change of insurer from AIA Australia Limited to MetLife Insurance Limited. 

Changes to premiums  

• Death, Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing.  There are several factors for this change, including a higher-than-expected number of insurance claims paid to members in recent years. 
• Permanent and Casual employees will receive an increase to Death and TPD premiums. The change varies depending on your age.  
• Income Protection premium rates will also increase.  

TPD Definitions are changing  

The Total & Permanent Disability (TPD) definitions are changing to align with ART’s preferred definitions; this includes: 

• Removal of the Special Day One conditions.  

Maximum cover level is changing 

The maximum cover level is the maximum limit a member can be covered for under this plan.  For Terminal Illness, this has increased to Unlimited. For Total & Permanent Disability cover, this has increased to $5,000,000. For Income Protection, this has increased to $360,000 p.a. Death cover has remained the same.   

Maximum benefit period for the same or related illness or injury 

With the change of insurer, there will be a ‘maximum benefit period’ for the same or related illness or injury. This means you can only claim up to the ‘maximum benefit period’ for the same or related illness or injury throughout the period you’re insured for income protection within the plan.

The following changes were made to Otis Elevator Superannuation Plan members’ accounts from 1 July 2025:  

Changes to premiums  

Premium rates for Death and Total & Permanent Disability (TPD) cover are reducing for all members. 

TPD Definitions are changing  

The Total & Permanent Disability (TPD) definitions are changing to align with ART’s preferred definitions with enhancements. 

Terminal Illness definition 

• To better align with the Superannuation Industry (Supervision) Regulation 1994 (SIS) definition for the early release of superannuation benefits under a Terminal Medical Condition, the insurance policy definition of Terminal Illness to receive payment of any Death insurance benefit held under this plan is changing from a life expectancy certification period of less than 12 months to less than 24 months.   
• The maximum amount of Terminal Illness benefit is also increasing.

Changes to cover amount limitations 

The transfer of cover limitations of $2 million will change to be inclusive of any existing cover you hold.  

Previously, at each annual review date where you cover amounts are updated, any increases to your amount of cover were limited to 25% of your previous cover. This limitation will now be removed. Any increases in cover will remain subject to Automatic Acceptance Limits and Maximum Cover amounts.   

AAL (DB Membership categories only) 

The Automatic Acceptance limit (AAL) is a specified limit where eligible employees will have their insurance cover automatically accepted without having to undergo an individual health assessment.  
The AAL for Death and Total & Permanent Disability insurance cover is increasing to $1.5 million.

The following changes were made to PMSA Superannuation Plan members’ accounts from 1 July 2025:  

Changes to premiums  

• Death, Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing.  
• Members will experience an increase in premiums for Death, TPD and IP cover. This will vary based on your age and gender.  

Terminal Illness definition 

To better align with the Superannuation Industry (Supervision) Regulation 1994 (SIS) definition for the early release of superannuation benefits under a Terminal Medical Condition, the insurance policy definition of Terminal Illness to receive payment of any Death insurance benefit held under this plan is changing from a life expectancy certification period of 12 months or less, to 24 months or less. 

The following changes were made Schneider Electric Superannuation Plan members’ accounts from 1 July 2025:  

Changes to premiums  

• Death and Total & Permanent Disability (TPD) premium rates are changing. 
  Members will experience an increase in Death and Total & Permanent Disability (TPD) premiums.  This change will vary based on your age and gender.  

Maximum cover level is changing 

The maximum cover level is the maximum limit a member can be covered for under this plan.  For Terminal Illness, this has increased to $5,000,000.  

The following changes were made to Wolters Kluwer Superannuation Plan members’ accounts from 1 July 2025:  

Changes to premiums  

• Death and Total & Permanent Disability (TPD) premium rates are changing. 
• Members around age 40 and under will in general experience a decrease in premiums for Death and TPD cover. 
• Members over age 40 may experience an increase in premiums for Death and TPD cover. 

Terminal Illness definition 

To better align with the Superannuation Industry (Supervision) Regulation 1994 (SIS) definition for the early release of superannuation benefits under a Terminal Medical Condition, the insurance policy definition of Terminal Illness to receive payment of any Death insurance benefit held under this plan is changing from a life expectancy certification period of 12 months or less, to 24 months or less.