KPMG Staff Superannuation Plan Insurance Guide

Transcription

1 KPMG Staff Superannuation Plan Insurance Guide Prepared: 14 April 2018 The issuer and Trustee of The Executive Superannuation Fund (ABN: , RSE Registration No R ) is Equity Trustees Superannuation Limited ABN: , Australian Financial Services Licence ( AFSL ) RSE Licence No L , Address: GPO Box 2307 Melbourne VIC 3001 Ph (03) Fax (03) KPMG Staff Superannuation Plan Unique Superannuation Identifier The Administrator of The Executive Superannuation Fund is OneVue Super Member Admininstration Pty Ltd, ABN: , AFSL No: , Address: PO Box 67, Australia Square NSW Ph: Plan website: address: execsuper@onevue.com.au

2 The information in this document forms part of the Product Disclosure Statement ( PDS ) for members in the KPMG Staff Superannuation Plan ( the Plan ), a plan in the Employer Sponsored Members Division of The Executive Superannuation Fund ( the Fund ) dated 14 April It relates to current KPMG employees (excluding casuals and Executive Directors) who are current members of the Plan. The information in this document does not relate to partners of KPMG. The information provided in the PDS and this Insurance Guide is a summary of the benefits and terms and conditions of the Plan, however, the terms of the trust deed governing the Plan have precedence over anything in the PDS and this Insurance Guide. To the extent that the PDS and Insurance Guide provide general advice, the advice does not take into account your individual financial situation, circumstances or needs. You should take these into account when making decisions about your benefit in this product, and consult an appropriately qualified financial adviser where required. All parties named in the PDS and Insurance Guide have consented to being named in the form and context in which they have been named and have not withdrawn their consent prior to printing of the PDS and Insurance Guide. Any statements in the PDS and Insurance Guide attributable to third parties have also been consented to by those parties. Contents Insurance in your super... 3 Standard cover - benefit on Death/terminal illness... 3 Standard Cover benefit on TPD... 4 Insurance only members... 5 Unpaid leave and secondments overseas while employed by KPMG... 5 Voluntary cover... 5 Cost of voluntary cover... 7 Life Events Cover... 8 Exclusions on voluntary cover (including Life Events Cover)... 9 Continuation of insurance upon termination of employment with KPMG... 9 Impact on insurance cover of extended periods of overseas residence/travel for Australian citizens and permanent residents Insurance cover provided to persons on secondment with KPMG in Australia Income Protection Insurance Cover Insurance policy terms and conditions Other Information Enquiries and complaints procedure Further information and how to contact us

3 Insurance in your super All eligible KPMG employees (excluding casuals and Executive Directors) are automatically provided with the following types of insurance cover via the Plan (referred to as Standard insurer cover): Death (including terminal illness); and TPD. The Death and TPD insured benefits provided under the Plan are financed by an insurance arrangement with the Plan s insurer. The payment of the insured part of these benefits is, therefore, subject to the terms and conditions of the insurance policy and the acceptance of any claim by the Plan s insurer. Any insured benefits can only be paid to you from the Plan if permitted under the Trust Deed and superannuation legislation (for more information about when benefits can be accessed from the Plan, see Section 1 of the Reference Guide). In most cases, an amount of Standard insurance cover will be granted to you automatically if you join the Plan when you commence employment, and meet relevant eligibility criteria (described further below). You may, however, be required to provide evidence of health or be asked to undergo a medical examination and/or tests by the Plan s insurer (referred to as underwriting by the Plan s insurer) if, for example, the amount of your Standard cover exceeds the insurer s AAL (refer below). Underwriting is also required for any voluntary cover that is applied for. You can change the amount and type of insurance cover (automatic or voluntary) at any time by notifying the Fund Administrator in writing. It is important to note, that after cancelling or reducing any insurance cover, any future requests to re-instate the cover will be subject to underwriting by the Plan s insurer. The Trustee may adjust your Death and TPD benefit if you do not provide information as required or in any way prejudicial to your insurance cover. If for any reason the insurer refuses or restricts your insurance cover or, having granted insurance, denies all or part of your claim, your benefit may also be adjusted. Temporary residents (e.g. secondees from overseas) are only eligible for insurance cover under the Plan s insurance policy while they are working in Australia and classified as permanent employees on the KPMG Australia payroll. Casual staff are not provided with insurance benefits through the Plan. If you have elected to have your superannuation contributions made on your behalf by KPMG to an alternative superannuation fund, you (with the exception of casual employees) will have been joined as an insurance only member of the Plan, so that your insurance benefits can be administered. Note: Salary Continuance Insurance benefits are provided by KPMG directly to all employees working 15 hours or more per week, under a policy held outside of the Plan. Salary Continuance Insurance benefits are not payable from the Plan. See the Salary Continuance Insurance Guide prepared by KPMG, available by contacting the Fund Administrator. For more information, contact the Fund Administrator (contact details on the back page). Standard insurance cover - benefit on Death/terminal illness When does Death/terminal illness insurance cover apply? Standard insurance cover for Death/terminal illness commences from the date an eligible member joins the Plan, provided that they are at work with KPMG on that date. It is effective from the date of employment or the date that Standard insurance cover is accepted by the Plan s insurer, if underwriting applies. Other eligibility criteria for Standard insurance cover are that the member must be an Australian resident and less than 70 years of age. Death/terminal illness cover ceases on the earliest of: your 70th birthday; the date you cease to be a member of the Plan (with a grace period of 60 days following the date of the member leaving the Plan); your date of death; the date a terminal Illness benefit becomes payable; the date your signed and dated request to cancel your cover is received by the Fund Administrator; when you are on unpaid leave for a period longer than 24 months without prior approval by the insurer; the date before you commence active service in the armed forces of any country, not including normal activities as a Reservist with the Australian Defence Force, but including operational deployment on active service with the Australian Defence Force; or the date when premiums are unpaid. The benefit payable after any of these cessation of cover events is therefore the same as the withdrawal benefit i.e. the full balance of your account within the Plan. The cost of Standard insurance cover is paid for by KPMG. You are responsible for meeting the cost of any voluntary insurance cover. 3

4 Amount of the Death/terminal illness benefit payable under Standard cover For insured members with Standard insurance cover, an amount of insurance as applicable to your circumstances is payable in the event of Death/terminal illness, in addition to the full balance of your account in the Plan. Limitations on your cover may affect the insured amount. The Standard insurance cover varies according to your employment position as follows: Standard Insured Benefit* Director / Manager Other staff (excluding Executive Directors, Partners and casuals) 7 x total annual remuneration to a maximum of $800,000 5 x total annual remuneration to a maximum of $800,000 * For members over age 61, the insured benefit payable on TPD reduces by 20% for each year by which your age exceeds 61 Example In the event of a full-time Manager s death at age 45, and assuming a total remuneration of $100,000 per annum at the date of death, the lump sum benefit payable would be: Account balance (say) $150,000 Plus The insured benefit of (7 x $100,000) to a maximum $700,000 $800,000 Total death benefit received $850,000 * Taxation may apply. See section 3 of the Reference Guide. Payment of the terminal illness benefit Where you are declared terminally ill by two medical practitioners, you may be eligible to apply for a prepayment of your death benefit. The benefit will be paid to you tax free on provision of the necessary medical evidence, subsequent to approval by the Plan s insurer and Trustee. Please note, the Government has amended the provision which allows people suffering a terminal medical condition to access their superannuation account balance early. Before 1 July 2015, people with a terminal medical condition could only access their superannuation account balance early if they could get certification from two medical specialists that they had less than 12 months to live. On 1 July 2015, the Government changed this period to 24 months, meaning more terminally ill people can access their superannuation account balance early. If you fall into this category and wish to claim your superannuation early, it is advisable for you to ensure that you leave a sufficient account balance to cover your insurance premiums. Insurance was not covered in the new provisions and can still only be accessed if you have less than 12 months to live. Payment of the death benefit The death benefit is a cash lump sum payable generally to your dependants or, if there are no dependants, the legal personal representative of your estate. You can make a binding or non- binding nomination of those persons whom you would prefer to receive your benefit in the event of your death (refer to Section 1 of the Reference Guide for more details). Standard Cover benefit on TPD TPD what does this mean? The definition of TPD in relation to insured benefits within the Plan is based on definitions included within the Plan s insurance policy. In accordance with the Plan s insurance policy, an insured individual is deemed to be totally and permanently disabled (and will be eligible for an insured TPD benefit under the policy) if all the following conditions are met: 1. the insured individual is under the care of and following the advice of a medical practitioner; 2. the insured individual meets the following definition of permanent incapacity contained within the Superannuation Industry (Supervision) Regulations 1994: a member of a superannuation fund or an approved deposit fund is taken to be suffering permanent incapacity if a trustee of the fund is reasonably satisfied that the member s ill-health (whether physical or mental) makes it unlikely that the member will engage in gainful employment for which the member is reasonably qualified by education, training or experience. 3. The insured individual meets any other required definition of TPD applicable to their circumstances, as set out in detail within the Plan s Group Life insurance policy. Please contact the Fund Administrator or refer to the Plan s Group Life insurance policy, available on request by contacting the Fund Administrator, for further details. When does Standard TPD insurance cover apply? Standard insurance cover in respect of TPD is provided to all categories of members provided the member is an Australian resident and aged less than 65 years. Standard insurance cover in respect of TPD commences from the date an eligible member joins the Plan, provided they are at work with KPMG on that date. It is effective from the date of employment or the date that cover is accepted by the Plan s insurer, if underwriting applies. 4

5 TPD cover ceases on the earliest of: your 65th birthday; the date you cease to be a member of the Plan (with a grace period of 60 days following the date of the member leaving the Plan); the date a TPD benefit becomes payable; the date your signed and dated request to cancel your cover is received by the Fund Administrator; when you are on unpaid leave for a period longer than 24 months without prior approval by the insurer; the date before you commence active service in the armed forces of any country, not including normal activities as a Reservist with the Australian Defence Force, but including operational deployment on active service with the Australian Defence Force; or the date that premiums are unpaid. The benefit payable after any of these cessation of cover events is therefore the same as the withdrawal benefit i.e. the full balance of your account within the Plan. Amount of the TPD benefit payable under Standard insurance cover For insured members, Standard TPD cover is calculated in the same way as the Standard death cover. For members over age 61, the insured benefit reduces by 20% for each year by which your age exceeds 61. Payment of the TPD benefit You will be eligible for a TPD benefit if both the Trustee and the Plan s insurer consider that you have satisfied the conditions for such a benefit as set out in the insurance policy. Where an insured member satisfies the TPD definition, the date of disablement is treated as having occurred on the earlier of: The date on which a period of at least 6 consecutive months absence from work that results in TPD began; The date on which a period of at least 6 consecutive months inability to perform the activities of daily living that results in TPD began; The date the person suffers the loss of the sight in both eyes, or the use of both limbs, or the sight in one eye and the use of one limb; or The date the person suffers the loss of the sight of another eye or the use of another limb, having already suffered the loss of the sight of an eye or the use of a limb. The Trustee must also be satisfied that any insured TPD benefit is payable under the Fund s Trust Deed and superannuation legislation. Insurance only members Standard insurance cover for insurance only members (i.e. your superannuation contributions paid by KPMG are being paid to another fund) ceases after 60 days from the date of termination of your employment with KPMG. This is due to the fact that you have no account balance within the Plan from which to deduct insurance premiums. If you are an insurance only member of the Plan, your Standard insurance cover will not continue automatically within the Personal Product of the Fund upon your termination of employment with KPMG. If you are an insurance only member and you would like to continue your existing insurance cover after leaving employment with KPMG, you will need to notify the Fund Administrator, join the Personal Product of the Fund and make a contribution to the Fund which will be sufficient to cover the cost of insurance premiums at the time you cease employment with KPMG. Unpaid leave and secondments overseas while employed by KPMG In general, insured members will be covered for insurance benefits during periods of leave up to 24 months for unpaid leave and up to 5 years for overseas secondments. If you are being seconded overseas or are taking unpaid leave, you must complete an Overseas Secondment / Leave Notification Form which can be obtained by contacting the Fund Administrator (contact details on the back page). You will be advised if your insurance cover is affected while you are seconded overseas or on unpaid leave. Voluntary insurance cover You can apply for voluntary insurance cover In addition to any Standard insurance cover you may have, you may apply for additional Death only or Death and TPD insurance cover if you would like to increase the financial protection provided through the Plan for you and your dependants. Additional insurance cover is available on application to the Plan s insurer, subject to underwriting (unless the increased cover is requested under the Life Events Cover option described on page 12). You can only apply for voluntary insurance cover if you have Standard insurance cover. You should seek financial advice about what insurance is appropriate for you. Types of cover available Members may apply for additional Death only insurance cover or Death and TPD insurance cover. Death insurance cover is subject to a maximum of $6 million. TPD insurance cover is subject to a maximum of $3 million. Voluntary insurance cover is subject to similar terms and conditions as Standard insurance cover. In particular, the definitions relating to the assessment of TPD, and the grace period on ceasing to be a member of the Fund are the same as for Standard insurance cover. However, please note that special exclusions apply to Voluntary insurance cover (see page 10 for more information). 5

6 Evidence of health is required If you want to apply for voluntary insurance cover, you will have to provide evidence of health to the Plan s insurer. This would initially take the form of a personal statement within which you will need to provide details of your medical history and current state of health. Depending upon the level of cover and the details within your personal statement, the insurer may request further information in order to assess your application. The granting of voluntary insurance cover is at the absolute discretion of the Plan s insurer, TAL Life Limited ABN , AFSL ( TAL ). The Trustee has no influence over this issue. Voluntary cover does not commence until your application for insurance cover is approved by the insurer, however, limited accident cover may apply whilst your application is awaiting underwriting, subject to the conditions of the insurance policy. Please contact the Fund Administrator for further information (contact details on the back page). birthday at 1 July each year and the amount of your voluntary insurance cover. For example, where your date of birth is 1 January 1980, your age next birthday at 1 July 2016 is 37. As such, premiums for the 2016/17 year is based upon your age next birthday of 37. If you are an insurance only member, you will need to ensure that you make sufficient contributions to the Plan to meet the cost of the insurance premiums for any voluntary insurance cover you apply for and are granted. Voluntary insurance cover in the Plan will cease if you do not have a sufficient account balance to meet the cost of the monthly insurance premiums. Voluntary insurance cover can be cancelled or reduced at any time by providing a signed and dated statement to the Fund Administrator confirming your instructions. Voluntary insurance cover may be accepted on a restricted basis. This means: You may not be granted the full amount of additional cover sought; The cover may have certain exclusions (e.g. no coverage in relation to back injuries, etc. if you have had a previous back injury); and The rates charged for your insurance may have an additional loading on them. This means that the premium charged will be higher than that shown in the table below. The loading is added because the insurer considers you a higher risk in accordance with their underwriting criteria. If, for whatever reason, the level of voluntary insurance cover provided by the Plan s insurer is reduced or limited, then your benefit may also be affected. You will be advised if this occurs. In the event of your death or TPD, any voluntary insurance cover that you have taken out will be payable in addition to any Standard cover provided to you. How and when to apply You can apply for voluntary insurance cover when you join the Plan or at any time after you join the Plan. Information about the premium rates applicable to voluntary cover is set out below. If you would like to know more about voluntary cover and how much voluntary cover would cost you, please contact the Fund Administrator (contact details on the back page). How much does voluntary cover cost? Premium rates (including stamp duty, where applicable) for voluntary insurance cover are shown in the table over the page. These are subject to any loadings imposed by the insurer and advised to you during the application process. Premiums will be calculated based upon your age next 6

7 Cost of voluntary insurance cover The below table outlines the annual dollar cost of any voluntary insurance cover members elect to take out in the Plan. The below table also applies to Life Events Cover and members of the Plan whose insurance cover is automatically continued within the Personal Product upon termination of employment with KPMG. Note: the below rates include an insurance administration fee of 5% of the premium amount, paid to the Fund Administrator for administering the insurance benefits. The rates are the standard rates. The cost of any voluntary insurance cover may vary depending on any assessment loadings applied by the insurer relating to the health of the insured. Premiums for any voluntary insurance cover will be deducted from your account in the Plan on a monthly basis, or on a pro-rata basis upon exit from the Plan, and paid to the insurer, TAL. The annual rates are per each $1,000 of Death only or Death and TPD cover held. Age Next Birthday (ANB) Male Death only Female Death only Male Death & TPD Female Death & TPD Age Next Birthday (ANB) Male Death only Female Death only Male Death & TPD Female Death & TPD N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Example: The voluntary cover premium applicable to a male who will be 46 years old at their next birthday with voluntary Death and TPD insurance cover of $500,000 would be calculated as follows: $500,000 1,000 x 1.83= $915 per annum 7

8 Life Events Cover Members before their 60 th birthday have the ability to apply to increase their insurance cover (as voluntary insurance cover) upon the occurrence of a significant life event without undergoing a full health assessment. The insurer may provide additional cover to a member who has Standard insurance cover where one of the following significant life events occurs: a) The marriage of the insured member; b) Birth of the insured member s child; c) Adoption of a child by the insured member; or d) The insured member takes out a new mortgage to purchase or construct their primary residence (sole or joint). To apply for voluntary cover upon the occurrence of a significant life event, the insured member needs to submit certified copies of documentation identified in the table below corresponding to the applicable life event: Life event Birth of child/ren Adoption of a child/ren Marriage New mortgage for purchase or construction of primary residence Evidence required Birth certificate Order effecting an adoption; or An entry in a public official record of the adoption of a child Australian marriage certificate or an equivalent overseas marriage recognised in Australia All of the following: 1. Mortgage statement/official statement from the lender stating: Name of Borrower; Date & amount of drawdown; Address of security 2. One of the following: (a) Stamped front page of the contract of sale stating: Name of purchaser; Date of settlement; and Purchase price; (b) Receipt from State Revenue Office that the Transfer of Land has been stamped; (c) Land title search after the transaction has been completed, showing that the member is the new owner of the property; (d) Letter from the member s solicitor, real estate agent or bank that the transaction has been completed; (e) Other satisfactory evidence that the stamp duty on the property has been paid by the member; or (f) Statutory declaration from applicant declaring primary residence. 8

9 The following conditions apply to the amount of Life Events Cover applied for: The minimum amount of Life Events Cover which can be applied for is $25,000; The maximum amount of Life Events Cover which can be applied for by an insured member is the lesser of 25% of their existing insurance cover and $200,000 provided this does not cause the total of any existing insurance cover and Life Events Cover applied for to exceed the maximum insured benefits (described earlier under voluntary cover ); and An application for Life Events Cover can only be made by an insured member once in any 12 month period. Life Events Cover ceases on the earliest of: your 70th birthday for death cover and age 65 for TPD cover; the date you cease to be a member of the Fund (with a grace period of 60 days following the date you cease to be a member of the Fund); your date of death; the date a terminal Illness benefit becomes payable; the date a TPD benefit is paid (or the date the final Death/terminal illness benefit is paid if your TPD benefit is less than your Death/terminal illness benefit); when you are on unpaid leave for a period longer than 24 months without prior approval by the insurer; the date before you commence active service in the armed forces of any country, not including normal activities as a Reservist with the Australian Defence Force, but including operational deployment on active service with the Australian Defence Force; the date you cancel your insurance cover by providing a signed and dated statement to the Fund Administrator confirming your instructions; the date when premiums are unpaid. Life Events Cover is subject to similar terms and conditions (including exclusions) as voluntary insurance cover. In particular, the definitions relating to the assessment of TPD, and the grace period on ceasing membership of the Fund are the same as for voluntary cover. How much does Life Events Cover cost? Premiums rates (including stamp duty, where applicable) for Life Events Cover are the same as for voluntary insurance cover and are shown in the table on page 1 1. These are subject to any loadings imposed by the insurer and advised to you during the application process. Premiums will be calculated based upon your age next birthday at 1 July each year and the amount of your Life Events Cover. You are responsible for payment of these premiums. Exclusions on voluntary insurance cover (including Life Events Cover) Benefits will not be payable in respect of any voluntary Death/terminal illness or TPD insurance cover if the Death/terminal illness or TPD is caused directly or indirectly by a self-inflicted act of the insured member within 13 months of the following: The date of acceptance of the voluntary insurance cover; The date the voluntary insurance cover was reinstated, in respect of the reinstated amount; or The date the voluntary cover increased, in respect of the increased amount. If the voluntary cover has ceased for any time before the 13 consecutive months has expired and cover is reinstated, the 13 month period will be based on the sum of those complete months when the voluntary cover was being provided. Continuation of insurance upon termination of employment with KPMG Death and TPD insurance Death and TPD insurance cover (whether Standard or voluntary insured cover (including Life Events Cover)) of members will be automatically continued within the Personal Product, upon termination of employment with KPMG, provided insurance cover has not ceased for some other reason. If you are an insurance only member and you do not hold an account balance in the Fund, cover will not automatically continue as previously outlined in this Insurance Guide. Upon termination of your employment with KPMG, and automatic transfer to the Personal Product of the Fund (where applicable), you will receive notification from the Plan that this has occurred. When you receive this notification, if you do not wish to continue your Death and TPD insurance coverage, you should notify the Fund Administrator in writing by way of a signed letter confirming your instructions to cancel this cover. Your coverage will be continued at the same level as when you were an employee of KPMG. You are able to maintain your Death and TPD coverage for the same or a lesser sum insured upon transfer to the Personal Product. As such, if you would like to continue your cover for a lesser amount, you should indicate this on the Personal Product Application Form or otherwise notify the Fund Administrator by way of a signed letter confirming your instruction and the amount of reduced cover you require. Insured cover for an equal or lesser amount is continued within the Personal Product, without having to undergo additional underwriting. The premium rates in the Personal Product will be different. Refer to the Personal Product Insurance Guide for the 9

10 applicable premium rates. The insurance premiums will be deducted from your account on a monthly basis or will be pro- rated upon exit from the Fund (the insurance premiums associated with any amount of Standard cover you had on cessation of employment with KPMG will no longer be met by contributions made by KPMG). You will become responsible for all of the insurance premiums. Note: If you were previously a member of the Plan and are re-employed by KPMG, any insurance cover you held within the Personal Product of the Fund may cease upon your reemployment with KPMG, however you may also be provided with new Standard insurance cover as a result of your reemployment with KPMG (depending on the nature of your reemployment). Refer to the PDS for the Personal Product for more information. Impact on insurance cover of extended periods of overseas residence/travel for Australian citizens and permanent residents Please note that Death and TPD insurance cover within the Fund after leaving employment with KPMG may be affected if you travel, study or work overseas for periods greater than three months and relevant notification is not provided to the Fund and the insurer. Continuity of insurance cover can generally be provided for periods of up to five years for persons travelling or residing overseas, subject to the following conditions: 1 You continue to be an Australian National or a permanent resident of Australia; 2 You continue to be a member of the Fund and premiums continue to be deducted from your account; and 3 Prior notification of overseas residence / travel has been provided to the Fund Administrator and the insurer. To ensure continuity of cover whilst overseas, the following information is generally required to be provided to the insurer, who will then make an independent assessment as to whether approval for cover during this period will be provided: Confirmation of whether you intend to continue to be an Australian National or permanent resident for the duration of your overseas residence / travel; Commencement date of overseas residence / travel; Confirmation of whether you will be returning to reside in Australia and your expected return date from overseas residence / travel; Location of overseas residence / travel (including city and country); Nature of employment (if applicable) (e.g. temporary secondment / permanent employment); and Job title / description (if applicable). Please note that, in some cases, certain exclusions to continued insurance cover during periods of overseas travel or residence may apply in respect of countries or destinations for which a travel advisory warning has been issued by the Australian Government as documented on the Department of Foreign Affairs and Trade ( DFAT ) website. Insurance cover provided to persons on secondment with KPMG in Australia Overseas assignees who are seconded to KPMG Australia are generally provided with the same Standard cover available to other employees of KPMG Australia for the duration of their secondment or employment with KPMG in Australia. Please note that any insurance cover provided to these persons ceases immediately upon the cessation of an assignee s secondment or employment with KPMG in Australia. Temporary residents are only eligible for insurance cover under the Plan s insurance policy while they are working in Australia and are classified as permanent employees on KPMG Australia payroll. Income Protection Insurance Cover Income protection Insurance cover (also known as Salary Continuance Insurance) is not available within the Plan. If you wish to continue your Salary Continuance Insurance cover (made available to your by KPMG outside the Plan) upon termination of your employment with KPMG, you must take out a continuation option. To continue your Salary Continuance Insurance cover, contact the Fund Administrator (contact details on the back page). A continuation option allows you to be covered for any amount up to and including the level of cover you had on your date of leaving service, without undergoing full medical underwriting. The continuation option is only available if you are continuing full-time employment for at least 30 hours per week and you must have applied for, been accepted by the insurer and have paid your first premium within 60 days of leaving service with KPMG. If you take out a continuation option, you will effectively be taking out a new insurance policy with TAL. The insurance premiums will be based on retail premium rates, and will be payable by you personally, rather than by KPMG. Note: the insurance premiums cannot be paid from your superannuation account, even if you remain in the Personal Product of the Fund. Insurance benefits cover under a continuation option will commence from the date your application for cover is approved and confirmed by TAL. As such, there may be a period after you have ceased employment when you are not insured for income protection benefits. 10

11 Note: if you are an insurance only member of the Plan, you can apply to continue your Income protection Insurance cover following the termination of your employment with KPMG if you wish. Insurance policy terms and conditions The policy document issued by the Plan s insurer stipulates the detailed legal aspects of your insurance cover within the Plan. This document can be made available by contacting the Fund Administrator (contact details provided on the back page). The PDS and Insurance Guide contain a summary of the main features of available insurance cover and benefits that may be provided to members of the Plan. Insurance cover/benefits are subject to detailed terms and conditions (including defined terms) that are set out fully in the policy documents. In any dispute over benefit payments or interpretation, the strict policy wording of the policy documents will always prevail. The payment of any insured benefits by the Trustee from the Plan is subject to acceptance of a claim by the insurer, the Trust Deed and superannuation legislation. If, for whatever reason, insurance benefits are denied, reduced or limited by the insurer, then the benefit payable from the Plan will be affected Other Information Enquiries and complaints procedure The Trustee is required to take all reasonable steps to ensure that there are arrangements in place under which: Members or their beneficiaries have the right to enquire into, or complain about, the operation or management of the Plan; and Those enquiries or complaints will be properly considered and dealt with within 90 days. It is important to distinguish between enquiries and complaints. Enquiries are requests for information about the Plan or your benefits. Complaints are expressions of dissatisfaction. Enquiries If you have an enquiry regarding the Plan, you should contact the Fund Administrator (contact details on the back page). Enquiries can be made by , phone or in writing. If you do not receive a satisfactory response within 28 days, you should immediately contact the Trustee (see back page for contact details). Complaints Complaints should generally be made in writing to the Trustee and you should receive a response from the Trustee within 90 days. If you have a complaint regarding this product, contact the Complaints Officer using the Fund Administrator s contact details: Complaints Officer C/- OneVue Super Member Administration Pty Ltd PO Box 67 Australia Square NSW Superannuation Complaints Tribunal If you are not satisfied with the Trustee s handling of your complaint or their decision or a response is not received in 90 days, you may contact the Superannuation Complaints Tribunal. The Tribunal is an independent body set up by the Federal Government to assist members or beneficiaries to resolve certain types of complaints with fund trustees. The Tribunal may be able to assist you to resolve your complaint, but only if you are not satisfied with the response received from the Trustee s handling of your complaint. If the Tribunal accepts your complaint, it may attempt to resolve the matter through conciliation, which involves assisting you and the Plan to come to a mutual agreement If conciliation is unsuccessful, the complaint is referred to the Tribunal for a determination which is binding. You should be aware, however, that a party may appeal a decision of the Tribunal to the Federal Court. If you wish to find out whether the Tribunal can handle your complaint and the type of information you would need to provide, phone the following number for the cost of a local call anywhere in Australia. Superannuation Complaints Tribunal Locked Bag 3060 Melbourne VIC

12 Further information and how to contact us Should you require any further information in respect of the Plan, information is available as follows: Plan website Fund Administrator OneVue Super Member Administration Pty Ltd PO Box 67 Australia Square NSW : execsuper@onevue.com.au Trustee Equity Trustees Superannuation Limited (RSE Licence No. L , ABN , AFSL No ) as Trustee for The Executive Fund Superannuation Fund GPO Box 2307 Melbourne VIC 3001 (03) (03)