ANZ Super Advantage. 9 December 2006

Transcription

1 ANZ Super Advantage Supplementary Product Disclosure Statement Insurance Guide Group Salary Continuance (GSC) Cover for Retained Members and Personal Members The Employer PDS is comprised of: The Member PDS is comprised of: > Employer Book > Member Book > Member Book > Investment Information Book > Investment Information Book > Insurance Guide (this book) > Insurance Guide (this book) > Associated Employer Application Form This Supplementary Product Disclosure Statement (SPDS) replaces the Insurance Guide in the: > Member Product Disclosure Statement (PDS) dated 1 January 2006 > Employer Product Disclosure Statement (PDS) dated 1 January 2006 and is to be read together with each PDS, the SPDS dated 9 December 2006 (supplementing the Member Book and the Employer Book) and the Investment Information Book dated 9 December Terms defined in the PDS have the same meaning in this SPDS. 9 December 2006 Retained and Personal members The insurance cover described in this Guide is provided by TOWER Australia Limited ABN under group policies issued by TOWER Australia Limited to the Trustee.

2 Contents Introduction 1 What is Group Salary Continuance (GSC)? 2 What are the fees and charges? 2 What do members need to know about the insurance cover? 2 What benefits are payable? 4 What do members need to know about making a claim? 6 What else do members need to know? 7 Dictionary 10 Where an employer joins ANZ Super Advantage, their employees become members of the ING MasterFund (ABN , RSE R , SFN , SPIN ANZ0265AU) (Fund). ING Custodians Pty Limited (ABN , AFSL , RSE L ) (ING Custodians) is the Trustee of the Fund, and the issuer of this Product Disclosure Statement (PDS). ING Custodians is a subsidiary of ING Australia Limited ABN (ING Australia). The Trustee invests all contributions in a master life policy issued by ING Life Limited ABN (ING Life) which then invests in selected investment fund(s). The master life policy is governed by the Life Insurance Act 1995 (Act) and is a contract between the Trustee and ING Life. ING Life is required to conduct its business in accordance with the Act and in the best interests of policyholders, invest all of the assets it receives from the Trustee in statutory funds approved by the Australian Prudential Regulation Authority and must comply with prescribed capital and solvency standards. ING Life is also the administrator of the Fund. The Trustee is responsible for the operation of the Fund and compliance with the governing rules (which includes the Fund s Trust Deed). The Trustee has in place professional indemnity insurance which may insure it and the directors of the Trustee in case of loss due to a claim against the Trustee. An investment in the Fund is neither a deposit nor a liability of: Australia and New Zealand Banking Group Limited ABN or any of its related corporations (ANZ) ING Australia ING Bank (Australia) Limited ABN (ING Bank) ING Investment Management Limited ABN (INGIM) any other company in the ING Group (ING) other than ING Life in relation to the master policy. If the employer has selected insurance cover as part of ANZ Super Advantage, the insurance cover is provided by either TOWER Australia Limited ABN or ING Life under group policies issued to the Trustee. The Trustee reserves the right to change the insurer(s), or vary the benefits or premium rates from time to time. This PDS should not be used as a substitute for financial advice and employers should speak to a licensed financial adviser before participating in ANZ Super Advantage. This PDS will assist employers to determine whether this product is suitable for their employees needs and assist members to understand their superannuation benefits. You should read all parts of this PDS. To the extent that any inconsistency arises between the PDS and the governing rules of the Fund, the governing rules prevail. The Trustee relies on a number of third parties for the provision of specialist services in respect of the Fund, such as ING Life to provide the master policy and through it: INGIM to manage ING investment funds except ING Mortgages which is managed by ING Australia. INGIM is not a subsidiary of ING Australia INGIM to also manage specialist OptiMix Manage the Managers investment funds a range of external fund managers who manage the investment funds other than those managed by INGIM. AON Consulting Pty Limited ABN (AON Consulting) for specialist Defined Benefit administration services. The Trustee operates these relationships on an arms length basis. ING Custodians is responsible for the contents of this PDS except for information about external fund managers and externally managed investment funds. Information about each external fund manager and the investment strategy, objective, and asset allocation of any investment fund it manages is based on information provided by the external fund manager. The external fund managers have provided consent to be named. The external fund managers have consented to the information they have provided being included in the PDS in the form and context in which it has been included and they have not withdrawn their consent. They take no responsibility for any other information in this PDS. The value of investments in managed funds, superannuation and retirement products rises and falls. Neither ING Custodians nor any company in ANZ or ING guarantees investment performance or earnings or return of capital investment in the Fund unless otherwise stated. Past performance is not necessarily indicative of future performance. In this PDS, reference to Insurer means TOWER Australia Limited ABN Also, in this PDS, the terms we, us, our and Trustee refer to ING Custodians. The Trustee can change any procedures or terms and conditions referred to in the PDS with reasonable notice. The invitation to invest in ANZ Super Advantage in this PDS is only available to persons receiving this PDS in Australia. It is not made, directly or indirectly, to persons in any other country. ING Custodians Pty Limited 347 Kent Street Sydney NSW 2000 GPO Box 4028 Sydney NSW 2001 Telephone Fax Website customer@ing.com.au

3 Introduction ANZ Super Advantage (Fund) offers you an extensive range of choices in insurance cover, which you can structure to meet your financial needs. The Fund offers: > Death Only Cover > Death and Total and Permanent Disablement (TPD) Cover > Group Salary Continuance (GSC) Cover. This Insurance Guide deals with your GSC Cover. Details of your insurance cover will be shown on your Welcome letter and also on your Annual Statement each year. Where your Welcome letter indicates that you have Death or Death and TPD Cover, you should also be provided with an Insurance Guide Death and Total and Permanent Disablement Cover for Retained members and Personal members. If you have not received a copy of that Guide, please contact Customer Services on to obtain a copy. This Guide applies to: > former members of the Corporate Division of the Fund who transferred to ANZ Super Advantage Personal (Retained Member) > any other members of the Fund who did not transfer from the Corporate Division of the Fund (Personal Member). Retained Members If you ceased employment with an employer participating in the Corporate Division of the Fund, you were automatically transferred to the Personal Division of the Fund as a Retained Member. If you did not have GSC Cover as a member of the Corporate Division If you did not have GSC Cover as a member of the Corporate Division and you wish to have it, you must apply for it. Your cover will not apply until the Insurer has assessed and accepted your application in writing. Your cover is subject to the terms and conditions of the insurance cover for ANZ Super Advantage Personal (as summarised in this Guide) and the premium rates for ANZ Super Advantage Personal. The rates that apply are set out on page 12 of this Guide. If you had GSC Cover as a member of the Corporate Division If you had GSC Cover as a member of the Corporate Division, GSC Cover (subject to any underwriting conditions that applied to you in the Corporate Division) continues under ANZ Super Advantage Personal. This applies regardless of whether you changed to an excluded occupation after you left your employment (for further information on excluded occupations see page 7 of this Guide). However, your insurance cover in ANZ Super Advantage Personal is subject to the terms and conditions for the insurance cover that currently applies to ANZ Super Advantage Personal (as summarised in this Guide) and the premium rates for ANZ Super Advantage Personal. The rates that apply are set out on page 12 of this Guide. You should note that premium rates for ANZ Super Advantage Personal are typically higher than in the Corporate Division for an equivalent amount of cover. You will be advised of the new premium amount applicable to you as part of the documentation provided to you upon your transfer to ANZ Super Advantage Personal. If your income reduced after moving to ANZ Super Advantage Personal, your monthly GSC Benefit will be the same percentage (as in the Corporate Division) of your new income but your overall benefit value will reduce. Also, you will be subject to the premium rates for the Personal Division. If your new income is higher than your last income in the Corporate Division, you will need to apply for an increase in your GSC benefits to take into account your increased income. The increase in benefits will not apply until assessed and accepted by the Insurer in writing. There will also be an increase in your premiums for the higher insurance cover. As your insurance requirements may have changed on leaving your employment, you should speak to your financial adviser to help determine your insurance needs. Personal Members If you wish to have GSC Cover, you can apply for it. Your insurance cover will not commence until your application is assessed and accepted by the Insurer in writing. Cover is not, however, available to members who join the Fund as spouse members. This Guide explains your options for GSC Cover and the terms and conditions under which it is provided. Insurer TOWER Australia Limited (ABN ) (Tower) provides the insurance cover set out in this Guide. ING Custodians (as the Trustee of the Fund) may change Insurers and the terms of the insurance policies providing the insurance cover under the Fund. If this occurs, you will be advised. Dictionary Included in this Guide is a dictionary of important words and terms that are relevant to the insurance cover provided under the Fund. You should always check the dictionary to see if a word or term has a specific meaning. See pages of this Guide. 1 ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members

4 What is Group Salary Continuance (GSC)? Overview What are the fees and charges? Premiums 2 ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members GSC Cover is made up of a number of different components, some or all of which may apply to you. They are: > Total Disability (TD) Benefit > Partial Disablement Cover > Interim Accident Cover > Superannuation Retirement Benefit > Extended Cover. The rules relating to these different cover components (including whether they apply to you) are explained later in this Guide. Where a benefit is payable, it is paid monthly for a period of up to two years. Eligibility for cover To be eligible for cover you need to apply for the cover and all of the following must apply. > You must be at least aged 15 years but less than 65 years when you apply. > You must not be working in an excluded occupation when you apply for that cover (unless the Insurer has given prior written approval). > You must satisfy the Cover Worktest, see below. Cover will only apply to you if the Insurer provides written notice that you have been accepted for the cover. Cover Worktest The Cover Worktest means you must be gainfully employed in any business, trade, profession, vocation, calling, occupation or employment for at least 20 hours per week: > if you are a Personal Member, on the date you apply for cover, or if you are a Retained Member, on the date you are first eligible to join the Fund > for increases in cover on the date you apply for the increase in cover. If you do not satisfy this Cover Worktest, you cannot commence or increase GSC Cover. If you join the Fund when you are working less than 20 hours a week, but later increase to working more than 20 hours a week, you will only have GSC Cover if you apply for that cover, the Insurer assesses you, and provides written notice that you have been accepted. The premium rates for GSC Cover are set out on page 12 of this Guide. The amount of premium payable may vary depending on various factors including your occupational class (Personal Members only) and any health or other loading. Premiums are deducted from your account in the Fund on a monthly basis. Your Member Statement will confirm the amount deducted from your account in the Fund each month. You will not be charged a premium while you are receiving a benefit. However, premiums continue to be payable during any waiting period. The premium rates may be increased or decreased. The Trustee must give you at least 30 days prior notice of any increase in premiums. Commission The Insurer deducts a commission of up to 10% of the premium paid to it for your cover, and pays that amount to the Trustee. What do members need to know about the insurance cover? Commencement of insurance cover You will only have GSC Cover (or a variation in cover) if: > you apply for the cover or variation in cover > you provide the Insurer with any evidence it requires (e.g. evidence of your good health) and > the Insurer has assessed you for the cover (or variation), and has notified you in writing that you have been accepted. In most cases, you will only need to complete a Personal Statement Form. However, you may also be required to undergo a medical examination or blood tests, including HIV. Your cover (or variation in cover) will commence on the date your application has been assessed and accepted by the Insurer, or another date advised by the Insurer. However, cover only commences from this date if your premiums are paid relating back to the date your cover commenced. Also, your cover will be subject to any special conditions (e.g. premium loadings, or specific exclusions) notified by the Insurer. Important Note: Cover will not commence until the Insurer has assessed and accepted your application in writing. The Trustee will advise you of the Insurer s decision.

5 Changing your GSC Cover If you wish to change your GSC Cover, you must put your request in writing to the Trustee. In particular: > you can cancel your insurance cover at any time. (If you cancel your cover and then decide to reapply for it at a later date, and your application is assessed and accepted by the Insurer, you will be subject to the terms and conditions applying at that time.) > you can change your level of insurance cover > you can change your waiting period. Important note: Any application for variation in insurance cover will not apply until the Insurer has assessed and accepted your application in writing. The Trustee will advise you of the Insurer s decision. Interim Accident Cover While the Insurer is considering your application for cover (or variation in cover), you will be entitled to Interim Accident Cover for a period of up to 90 days from the date of your application. Cessation of GSC Cover Your GSC Cover (if any) will immediately cease on the first to occur of the following: > your death > you reach age 65 > your Extended Cover has ceased after you leave the Fund > you retire from the workforce > you start other insurance for the same or similar amount of benefits (apart from cover under this policy) > 60 days after your premium is not paid > the policy ends. You will not be eligible to claim a benefit unless you satisfy all relevant policy conditions, including the Claim Worktest. For more information see page 5 of this Guide. Extended Cover If you leave the Fund for reasons other than retirement or disablement prior to age 65, you will continue to have Extended Cover for a maximum period of 60 days. Extended Cover means cover for total disability or partial disability caused by an accident. This cover starts on the day you cease to be a member of the Fund, and stops on the earliest of: > 60 days after you ceased to be a member of the Fund > you reaching age 65 > you starting alternative insurance for the same or similar benefits > the policy ending > you retiring > you die. In order for Extended Cover to apply, you must have had GSC Cover on the date you left the Fund and your member account balance on that day must be sufficient to pay the premium. Your waiting period will apply, and the insured benefit will not be payable more than once in respect of any one accident. The benefit amount will be calculated as at the date immediately prior to the date you ceased to be a member of the Fund. Non-payment of premiums Your GSC Cover will cease 60 days after there is insufficient money in your account in the Fund to meet your monthly premium. Paid leave and parental leave in Australia Provided premiums continue to be paid, your cover will continue while you are on paid leave. If you are on maternity or paternity leave (paid or unpaid) or unpaid full-time study or travel, your GSC Cover can continue for a period of up to one year, provided premiums continue to be paid. However, in all cases, your cover is subject to the restrictions explained below. Overseas Cover Your cover will continue while you are overseas, as described below. If your cover ceases due to you being overseas for longer than the insurer covers, you will need to go through underwriting to resume cover. For the definition of underwriting see page 11 of this Guide. Costs incurred outside Australia to obtain evidence of insurability or other medical evidence are payable by you. If you make a GSC claim while you are overseas the Insurer may require you to return to Australia for medical treatment and assessment. The cost of returning to Australia will be at your own expense. If you are an Australian resident > Cover continues for up to three months (or a longer period agreed by the Insurer) while you are outside your normal country of residence. > Cover continues for up to three years if you are temporarily residing overseas, and you were an Australian resident when cover commenced. However, this cover is subject to the Insurer s prior written consent, and your complying with any restrictions or special conditions which are imposed. If you are not an Australian resident > Your cover will continue for up to three months (or a longer period agreed by the Insurer) while you are outside Australia. ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members

6 Leave without pay Waiting period 4 ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members If you are on leave without pay (e.g. to travel or undertake full-time study), then provided the Insurer gives prior written consent (prior consent not required for parental leave), and premiums continue to be paid, your GSC Cover can continue for up to one year (including periods you spend overseas, as defined in Overseas Cover on page 3). This cover will be subject to any special conditions or restrictions imposed by the Insurer. If you make a claim during unpaid leave: > your waiting period starts when a medical practitioner certifies that you are unable to work due to an accident or sickness > your benefit period starts on the date you were expected to return to work as documented in your leave notice. This condition does not apply for parental leave. If you make a claim while you are overseas, the Insurer may require you to return to Australia for medical treatment and assessment. The cost of returning to Australia will be at your own expense. You will need to go through underwriting in order to resume cover if your cover has previously ceased due to you having been on extended unpaid leave. Residency Unless notified otherwise, cover is only available to Australian residents. However, cover may continue even if you subsequently cease to be an Australian resident, provided you were an Australian resident at the time cover was first provided. (This is subject to any other restrictions or limitations set out in the policy). Keeping track of your insurance Your Member Statement will set out your level of cover. You can also call Customer Services on for more details. The waiting period is the length of time between when you are totally disabled and when the Insurer starts paying benefits. You choose the waiting period that will apply. The longer your waiting period, the lower the premium that applies to you. The TD Benefit is only payable where you have suffered total disability for at least the waiting period. No TD Benefit is payable if cover ceases, or if you turn 65, before the end of the waiting period. Interim Accident Cover While the Insurer is considering your application for GSC Cover or variation in cover, you will be entitled to Interim Accident Cover for up to 90 days from the date of your application. Interim Accident Cover provides you with a monthly benefit if all of the following apply: > you suffer total disability as a result of an accident > the total disability occurs within 90 days of the accident > the total disability continues beyond the waiting period. The benefit payable is the part of the TD Benefit that is being assessed by the Insurer, but limited to a maximum benefit of $6,000 per month less any other TD Benefit payable under the policy. The maximum benefit period of two years applies. The monthly benefit will be reduced by the payments referred to in Benefit reductions on page 5 of this Guide. The benefit is not payable more than once in respect of any one accident. A benefit under Interim Accident Cover ceases on the earliest of the following: Using your Client Registration Number (CRN) and Telecode you can log onto the ANZ website at to check your current insurance benefits. What benefits are payable? Monthly benefit The TD Benefit is a monthly benefit of either: > 50% of income > 75% of income. You choose the level that applies to you. The TD Benefit is only payable after a waiting period. You can choose a waiting period of either: > 30 days > 60 days > 90 days. The benefit is paid for a maximum period of two years. If you are accepted for GSC Cover, the amount of your insurance cover and waiting period will be indicated on your Member Statement. > you cease to be TPD > benefits have been paid for the maximum benefit period of two years > you reach age 65 > you die. Interim Accident Cover ceases on the earlier of: > 90 days after it commences > the assessment and acceptance of the cover by the Insurer (even if subject to special conditions) > the rejection (or deferral of the acceptance) of the cover by the Insurer > your leaving the Fund > your reaching age 65 > the policy ending > your application for cover or increased cover (as the case may be) being withdrawn > your death.

7 You will not be eligible to claim a benefit unless you satisfy all relevant policy conditions, including the Claim Worktest which is explained below. Partial Disablement benefits A Partial Disability Benefit is only payable if all of the following apply: > you are partially disabled > a TD Benefit has been paid for at least one day in respect of the same disability > your post-disablement income is 80% or less, than your pre-disablement income > you satisfy any other relevant policy conditions. The Partial Disability Benefit is equivalent to the drop in the income you earn while suffering partial disablement expressed as a percentage of your pre-disablement income, multiplied by your TD Benefit. Because a TD Benefit must already have been paid for at least one day before you are entitled to a Partial Disability Benefit, no waiting period applies to this benefit. The maximum combined period for which a TD Benefit and Partial Disability Benefit will be paid is two years. Superannuation Reimbursement Benefit You can apply for optional Superannuation Reimbursement Benefit of up to 10% of your income. This additional cover is limited to the lesser of: > the percentage of income employers are contributing to the Fund as superannuation contributions for you > 10% of income. This Superannuation Reimbursement Benefit is only available once the Insurer has assessed and notified in writing that it has accepted your application. Periods of paid leave, parental leave, and approved unpaid leave (for information on Leave without pay refer to page 4 of this Guide) are not counted for the purposes of the Claim Worktest. For example, if you have been gainfully employed for less than six months since commencing cover and you go on unpaid leave while cover continues, the six month consecutive period over which your hours of work is averaged is reduced by the leave period. Recurrence of disability The Insurer will treat a recurring disability as a continuation of your previous claim if: > your total disability or partial disability recurs within six months of the date you were last entitled to receive a TD Benefit or Partial Disability Benefit > the cause of the recurring disability is the same or related to the reasons for the previous claim and > your cover under the policy has not ceased. This means no waiting period will apply and your monthly benefit payment will restart straight away (paid monthly in arrears). The monthly benefit will continue to be paid until the end of the benefit period under your first claim. In other words, both periods of disability will be added together to calculate when your benefit period ends. The maximum benefit period is two years. The Insurer will treat a second disability as a new disability, and not a continuation of the original claim if: > you have been paid a TD Benefit or Partial Disability Benefit for less than two years (original claim) > you return to work and cease to receive the benefit > more than six months since the date you were last entitled to receive the benefit, you suffer total disability the cause of which is the same or related to the reasons for the original claim (second disability) and ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members Claim Worktest In addition to all other requirements, in order to be eligible to claim a TD Benefit, you must satisfy the Claim Worktest. If you do not satisfy this test, you are not eligible to receive any TD Benefit. To satisfy the Claim Worktest you must meet one of the following conditions. > You must have been gainfully employed and worked for an average of 20 hours or more per week over a period of six consecutive months immediately before the date of the event giving rise to your disablement. > If you have been gainfully employed for a period of less than six consecutive months since commencing cover you must have worked for an average of 20 hours or more per week from the date you became an Eligible Person as defined in the policy. > your cover under the policy has not ceased. Where these requirements are satisfied a new waiting period and benefit period will apply. No further benefit will be paid in respect of a disability (including a disability arising from related causes) if a TD Benefit or Partial Disability Benefit has been paid in respect of that disability for the maximum combined benefit period of two years. Benefit reductions Benefits payable in respect of the GSC Cover outlined in this Guide will be reduced by any amount which is attributable to income replacement you receive from one or more of the following sources: > sick leave (expressed as a monthly amount) paid by an employer

8 6 ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members > social security, workers compensation, motor accident compensation or other similar compensation paid under State or Federal legislation > any monthly income benefit paid under any insurance policy held by the Trustee or you, including, in some cases, this policy. If your age has been understated, your benefit will be recalculated on the basis of the amount of premium already paid, and what that premium would have purchased if it had been calculated using the correct age. If you have multiple GSC covers under the policy It is possible to have multiple GSC covers under the policy. One way this could occur is if you are a Retained Member, and before transferring to ANZ Super Advantage Personal, you were employed by more than one of the Fund s participating employers, and because of this you had separate GSC covers relating to each participating employer. (You cannot have more than one GSC Cover in the one employer plan.) Generally, there will be no advantage (and it may be disadvantageous) for you to have multiple GSC covers under the policy. This is because under the policy terms, you will only ever be paid one amount of GSC Cover (see below for more details). However, while you retain multiple GSC covers, you will be charged premiums for each separate cover. You should notify the Trustee immediately if you have multiple GSC covers under the policy and you wish to stop one or more instances of it. You should note that premiums for each separate GSC Cover will continue to be charged until the Trustee is notified that you wish to cease cover. Details of benefit reduction where multiple GSC Cover exists If you have multiple GSC Cover under the policy, only the GSC Cover in the Personal or Retained Fund with the highest level of cover will be paid. When benefits can be limited or deferred Only one TD Benefit or Partial Disability Benefit will be paid in respect of you at a time. If you are totally disabled or partially disabled because of more than one accident or sickness, a benefit will only be paid for either one accident or one sickness, even if they are related. The Insurer will pay the benefit for the accident or sickness which it believes, based on medical or other evidence, is likely to result in the longer benefit payment period. Exclusions A benefit is not payable when either total disability or partial disablement is caused by: > war or an act of war (even if the disability manifests after the war or act of war) > any intentional self-inflicted injury or attempt at suicide by you > pregnancy, unless disability continues for longer than three months after the pregnancy ends, in which case disability will be considered to have started at the date the pregnancy ends. Maximum GSC Benefit The maximum GSC Benefit is $20,000 per month (including any Superannuation Reimbursement Benefit) for a two year period. No amount will be paid in excess of this maximum. What do members need to know about making a claim? How to make a claim The Insurer must be notified of your claim within 30 days of you ceasing work due to disability unless otherwise agreed to by the Insurer. Payment of a claim is conditional on your satisfying all relevant policy requirements by completing and returning claim forms as required by the Insurer within 60 days or as soon as practicable after the beginning of the period of total disability and providing all relevant proof. Benefits can be stopped or limited if: > you do not follow recommended reasonable medical treatment and your refusal to follow the treatment is not on reasonable grounds in this case, the Insurer may stop paying benefits > the Insurer requires proof to substantiate continuing benefit payments, and proof acceptable to the Insurer is not provided within 30 days of its request in this case, your entitlement to receive benefits will end > a claim is not made within 30 days of your ceasing work due to disability in this case, if the Insurer has been prejudiced by the delay, it will not pay benefits for the period of disability before notification. You are responsible for any costs associated with completion of claim forms, and any other reports or assessments required to substantiate your claim. You are also responsible for any costs associated with the completion of any progress claim forms, and the Insurer may require these to be completed by a specialist. Importantly, the amount of your income has to be substantiated through the provision of appropriate financial records as requested by the Insurer. If the Insurer considers it necessary, you must undergo examination and/or specialist tests by a medical practitioner it selects. The Insurer is responsible for these costs. If you do not attend any pre-arranged medical consultations, you will be liable for any fees incurred.

9 Your insured GSC Benefit will be paid by the Insurer to the Trustee, who will deduct any tax that is payable in respect of the benefit before paying the benefit to you. You will need to complete an Employment Declaration from the Australian Taxation Office and provide the Trustee with your complete bank account details. Commencement and cessation of GSC Benefit Benefits are calculated as at the last day at work prior to the sickness or accident. Your GSC Benefit is paid monthly in arrears. Therefore, you will receive your first payment one month after the end of your waiting period. For part of a month, 1/30th of the benefit is paid for each day you are entitled to be paid the benefit. Your benefit will stop being paid when the first of the following occurs: > for a TD Benefit you stop being totally disabled > for a Partial Disability Benefit you stop being partially disabled > if either a TD Benefit or Partial Disability Benefit stops being paid, the Superannuation Reimbursement Benefit (if applicable) will also stop being paid > you have received benefit payments for a total of two years > you reach age 65 > you die. For information on Maximum GSC Benefit see page 6 of this Guide. Waiver of premium Your premium will be waived while you are receiving a GSC Benefit. Premium refunds What else do members need to know? Duty of disclosure Where you are required to provide information to the Insurer, you have a duty under the Insurance Contracts Act 1984 to disclose to the Insurer every matter that you know, or could reasonably be expected to know, is relevant to the Insurer s decision whether to accept the risk of insurance and, if so, on what terms. Your duty of disclosure applies even after your application is completed and until the Insurer has assessed and accepted your application for insurance cover. You have the same duty to disclose those matters to the Insurer before you change your insurance cover or apply for new cover. Your duty, however, does not require disclosure of a matter that: > diminishes the risk to be undertaken by the Insurer > is of common knowledge > the Insurer knows, or in the ordinary course of its business ought to know > is waived by the Insurer. This duty of disclosure continues to apply until formal notification of assessment and acceptance of cover, or of any change in cover by the Insurer. Excluded occupation categories The Insurer does not provide GSC Cover for certain occupations. These are called excluded occupation categories. The list of excluded occupations may change from time to time. The Trustee holds a list of current excluded occupation categories. If you are in doubt as to whether your occupation is an excluded occupation you should refer to the Occupational Guide at wealth/super. If you require additional information, please call Customer Services on ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members The Insurer will refund premiums: > if it does not pay a claim because you do not satisfy the Claim Worktest in this case, the Insurer will refund premiums paid for you which relate to the period commencing on the day you last met the Claim Worktest, and ending on the day of the event which, but for the operation of the Claim Worktest, would have entitled you to claim a benefit > if it does not pay a claim because you had an excluded occupation, for more information see this page. Beneficiaries under disability If you become entitled to a benefit from the Fund and someone has been appointed to manage your estate because you are under a legal disability (e.g. because of your mental ill-health), the Trustee may pay your benefit to a person who holds your enduring power of attorney. GSC Cover will not be provided to you if you are in an excluded occupation category when you applied for cover (unless the Insurer gives prior written approval). If it is found at the time that a claim is made that you were in an excluded occupation when you applied for cover, your claim will not be paid and any premiums paid in respect of the rejected cover will be refunded. If you were not in an excluded occupation when you applied for cover, your cover (if any) will not be affected by any subsequent change in occupation as long as you continue to be a member of the Fund. However, if you do not have GSC Cover and then change from an excluded occupation category to an occupation covered by the Insurer, you will not be entitled to any GSC Cover unless you apply for it and it is assessed and accepted by the Insurer in writing and the Insurer has received the initial premium.

10 Continuation option Termination of the policy ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members You can choose to continue the TD Benefit under a personal insurance policy issued by the Insurer if you are under age 60 and your GSC Cover (other than Extended Cover) has stopped for reasons other than: > your being totally disabled > this policy ending. This is referred to as a continuation option. The conditions which apply to the continuation option are: > you must apply in writing for the personal policy within 60 days of cover (except Extended Cover) ceasing under the policy > you will be required to pay a deposit premium and complete an application for the personal policy (this will include details of smoking status, residence, travel, occupation, pursuits and questions in relation to AIDS and any other information the Insurer requests for the purpose of assessing your application) > you must not be receiving, or be eligible for, a benefit payment under: another group insurance policy this policy a policy that this policy replaced under takeover terms, which provides the same or similar type of cover. > you must not have permanently retired from the workforce > you must be an Australian resident > you must not have joined the armed forces of any country and > you must be commencing employment in an occupation that is insurable under the personal policy. If you are accepted for the personal policy, the following terms will apply: > the personal policy will start in accordance with its terms, conditions and minimum premiums (however, the amount of TD Benefit Cover under the personal policy cannot be greater than the amount of cover you had under this policy immediately before cover ceased) > if any special terms or premium loadings applied to you under this policy, then equivalent special terms or premium loadings will also apply under the personal policy > the personal policy will be the Tower Income Protection Plan, which will provide cover on an indemnity basis only with no options added. If the Tower Income Protection Plan is no longer available, the policy issued will be the policy available at the time that the Insurer considers providing the same or similar benefits. During the period between the date you cease to be a member of the Fund, and the date any cover starts under a personal policy, Extended Cover will be the only cover that is provided under this policy. The policy can be terminated in limited circumstances. No cash value If you cease to be a member of the Fund for reasons other than disablement, no insured benefit is payable to you. That is, your cover does not have a cash value on termination at any time. The relationship between the Trustee and the Insurer GSC Cover is provided under a life insurance policy issued to the Trustee on behalf of the members of the Fund by the Insurer, TOWER Australia Limited (ABN ). Tower is not a related corporation of the Trustee. The Insurer deducts a commission of up to 10% of the premium paid to it for your cover, and pays that amount to the Trustee. Further information If you would like further information please call Customer Services on Privacy As part of your membership in the Fund and in relation to any insured benefit which may be part of your membership you need to understand that information about you will be obtained and used by us and other parties, in the ways we explain below. In this section the words we, our and us means: > Australia and New Zealand Banking Group Limited ABN and each of its related corporations (ANZ) as well as any person, entity or company with whom ANZ enters into a joint venture, partnership or similar business arrangement > ING Australia Limited ABN and each of its related companies. What information do we have about you? Your employer provides us with your contact and investment details, the amount you are investing, and the origin of the amounts invested (employer s superannuation guarantee contribution, employer s additional contribution, personal contribution or spouse contribution). We may also receive other personal information such as your age, occupation, employment and insurance history which could also include sensitive information about yourself such as (but not restricted to) health information and any criminal charges. In the future we may obtain other information (including sensitive information) about you from yourself or other sources, such as medical records, reports on your insurance history and from solicitors, insurers, reinsurers, police, assessors or investigators. This is all your information.

11 How will your information be used? The information will be used by us and the Insurer for the primary purpose of assessing your application, registering you as a member if you are approved, administering your investment in the Fund and/or your superannuation entitlements, maintaining any insurances and assessing any related claims. Your sensitive information will only be used for these purposes. Your information (other than sensitive information) will also be used by us and the Insurer to maintain our relationship with you as well as for our internal operations including accounting, risk management, record keeping, archiving, systems development and testing, staff training, credit scoring and compliance monitoring. We may also use your information to develop, establish and administer alliances and other arrangements with other organisations in relation to the promotion, administration and use of our respective products and services, and to develop, identify, and (unless you have requested us not to by calling us on ) inform you of our products and services that may interest you. Your information (other than sensitive information) may also be used for market or customer satisfaction research, compliance with legislative regulatory requirements or for preventing or investigating crime or fraud and considering any other application or claim made by you to us. The collection of your information is important to enable us to service both your relationship with us and our business operations. Without some or all of your information, we and/or the Insurer may not be able to process your application or any claim on your superannuation entitlements. Who will use your information? As a member of the Fund, you acknowledge that we and the Insurer may collect and disclose your information (including sensitive information) for the purposes set out above, to any of us; any person who carries out functions for us, including your employer, doctors, lawyers, police, reference agencies, investigators, assessors, insurers and reinsurers who may be involved in assessment of a claim by you or your estate; other organisations with whom we have arrangements or alliances for the purpose of promoting or marketing our respective products and services (and any agents used by us and our business partners in administering such an arrangement or alliance); payment system operators; any person you authorise about whom you inform us in writing; your executor, administrator, trustee, guardian or attorney, finance or stock broker, legal or financial advisers or superannuation sales consultant; or attorney under power, your employer(s); your superannuation funds; any person who introduces you to us; government, regulatory and law enforcement bodies and agencies including (where appropriate) the Australian Tax Office; debt collecting or credit reporting agencies; any insurer appointed by the Trustee or the Insurer and any reinsurer of any such insurer; any party to whom we or the Insurer are authorised or required by law to disclose that information; and any agent used by us or the Insurer or any of those other parties. Some of these parties may be based overseas. You agree that we may disclose your information to an overseas party even if that party may not be subject to the same privacy obligations to you as we are. Where you wish to authorise, or change an authorisation for any other parties to act on your behalf, to receive information and/or undertake transactions, please notify us in writing. Please note amendments to the Family Law Act 1975 commenced on 28 December 2002 enabling certain persons to request information about your interest in a superannuation fund. We may, if requested, be required to provide information about your interest in a superannuation fund to your spouse or a person who intends to enter into an agreement with you about splitting your superannuation interests in the event of separation of marriage. The request must be in a form prescribed by law. The law prevents us from telling you about any such request for information. How do you find out what information we have about you? Subject to exceptions permitted by law, you may access your information at any time by calling Customer Services on A fee may apply. If you find that the information held by us is not accurate, complete and up-to-date, please let us know and we will take reasonable steps to correct it. If we receive and keep information about you from any other person, you will have the same access to that information and it can only be used for the same purposes and shared with the same persons as the information that you give us. What happens if you give us information about another person? If you give us personal information about another person, for example to identify them as a preferred or nominated beneficiary of your benefits, they have the same rights to access and correct their information as you do, and their information could be used in relation to the same primary purpose and shared with the same parties. You should tell them this and show them a copy of this consent. If you have any further questions you would like answered about privacy, please write or contact us at: ING Privacy Officer GPO Box 75 Sydney NSW 2001 Phone Fax privacy@ing.com.au ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members

12 10 ANZ Super Advantage Insurance Guide GSC Cover for Retained and Personal Members Dictionary accident Accident means the occurrence of an injury caused directly and solely by some violent accidental, external and visible means and which is capable of direct proof. However, for the purposes of Interim Accident Cover, accident excludes an injury which is directly or indirectly caused by, or attributable to an event, which: > occurs whilst travelling by air other than as a passenger in a fully licensed standard type aircraft owned and/or operated by a recognised airline over an established air route > occurs whilst mentally unsound, or whilst under the influence of intoxicating liquor, narcotics or drugs and, as a consequence of which, the Eligible Person is rendered less capable than usual of taking care of himself or herself > is in consequence of war (whether declared or undeclared) > is in consequence of an intentional criminal act > is in consequence of motor racing > is in consequence of mountaineering, parachute jumping, hanggliding and any other activity which could cause the Insurer to load or reject the application or insurance > is in consequence of a professional sport of any kind. at work At work means that on the relevant date, you were capable of performing the primary duties of your usual occupation or you were on approved leave, other than leave undertaken for reasons related to injury or illness. If the next relevant date is not a working day, this test applies on the next working day. However, if cover was established under Takeover Terms, a different at work definition applies. Claim Worktest Please see page 5 of this Guide for Claim Worktest conditions. Corporate Division of the Fund Corporate Division of the Fund means the part of the Fund relating to Employer-sponsored Members. Cover Worktest Please see page 2 of this Guide for Cover Worktest conditions. event Event means an accident, sickness or other medical condition or any directly or indirectly related condition that has caused or could cause a claim to be made for a benefit under the policy. excluded occupation Excluded occupation means an occupation for which the Insurer will not provide GSC Cover without its prior written approval. Extended Cover Extended Cover is defined on page 3 of this Guide. Fund Fund means ANZ Super Advantage. GSC Cover See page 2 of this Guide for details about GSC Cover. income Income means: > if you are an employee with no business income your gross annualised income from employment as at the Benefit Calculation Date > in other cases, your income from employment and business income in the 12 months immediately before the Benefit Calculation Date. For these purposes: ANZ Super Advantage Personal ANZ Super Advantage Personal means the part of the Fund relating to Personal and Retained members. Australian resident Australian resident means an Australian citizen or a New Zealand citizen living in Australia or a permanent Australian resident with an appropriate visa. Additionally, an Australian resident will also include individuals residing in Australia on de facto or work type visas, but only whilst they reside in Australia. Visitors, travellers, those on visitor s permits, short-term international students and employees, or anyone who is on short-term/temporary stay in Australia, will not qualify as an Australian resident. benefit calculation date Benefit calculation date means the last day at work prior to accident or sickness. benefit period Benefit period means the period in respect of which benefits will be paid under the policy. > income from employment means the total remuneration package less any expenses incurred by the insured person earning the income (if applicable) paid by the employer to an insured person for their personal exertion. Income does not include commissions, bonuses or overtime unless the Insurer agrees in writing that it is included > business income means regular income earned from the insured person's personal exertion after the deduction of all attributable business expenses incurred in earning the income. It does not include investment income, profit distributions or similar payments that may continue in the event of disability. However, for Retained Members, if your income increases after being transferred to the Retained Division so that it is higher than your income under the Corporate Division, you will need to apply for the increase in your GSC benefits to take into account your increased income.