Corporate SEN summary

Australian Retirement Trust is required by law to show a summary of each Corporate Significant Event Notice (SEN) and material change notifications issued to members for the past 2 years.

We do this in a number of ways, and information about our previous significant event notices and important updates can be found below.

If you would like a copy of notifications about your accounts, please contact us.

Download a copy of the pre-1 July 2024 Corporate SEN summary here.

July 2024

Goodstart Early Education Superannuation Plan

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

Decrease in Death & TPD rates
Decrease in IP rates
Claims escalation on 2 year IP benefit will no longer apply
Terminal Illness certification period will change to 24 months

Hastings Deering Superannuation Plan

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

Change of insurer
Automatic Acceptance Limit (AAL) for Death and Total & Permanent Disability insurance cover is increasing
Decrease in Death & TPD premium rates
Change to Terminal Illness Certification Period
Maximum cover level for Death is reducing from unlimited to $10 million
Maximum cover level for Terminal Illness is reducing from $5 million to $3 million
Life Event option is changing. With the change of insurers, age-based events will no longer apply
Special offer until 30 June 2024: Upon our review, we have found that we didn’t inform you regarding the availability of Life and Age Event option since 1 July 2021. We are now allowing you to apply for Life and Age Event option retrospectively for applicable life events that occurred since 1 July 2021. The increase in cover will commence on the day the insurer accepts your application. Please note that you can only apply for a maximum of 2 life events from 1 July 2021 to 30 June 2024, and up to a maximum of 4 life events and 3 age events over the life of your membership. Retrospective applications will need to be submitted to us by 30 June 2024. To apply, please complete the Life Event Insurance Form. You will need to provide proof of your Life Event.
There is a benefit exclusion that applies for 12 months after acceptance of the Additional insurance cover to any claim resulting from suicide or any intentional self-inflicted injury.

API Superannuation Plan

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

Hunter Douglas Superannuation Plan

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

Increase in Death & TPD premium rates
Members over age 66 may experience a lower increase in premiums
Terminal Illness certification period will change to 24 months

Morgan Stanley Superannuation Plan

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

Change of insurer
Increase in Death & TPD premium rates for Morgan Stanley employees
Decrease in Death & TPD premium rates for Financial Advisers
Maximum cover level for Death is reducing from unlimited to $10 million
Maximum cover level for Terminal Illness is reducing from $5 million to $3 million
Life Event option is changing. With the change of insurers, age-based events will no longer apply

Nutrien Ag Solutions’ Super Plan

The following changes were made to Nutrien Ag Solutions’ Super Plan members’ accounts from 1 July 2024:

Change of insurer
Increase in Death & TPD premium rates for members with non-unitised cover aged under age 54
Discount for Death & TPD premium rates for members with non-unitised cover age 54 and older
Decrease in Death & TPD premium rates for members with unitised cover
Income Protection premium rates are changing for all members. The change varies based on your age and gender.
Income Protection claim benefits:
Where you have been accepted for an Income Protection claim, the new insurer provide a number of benefits to help you return to wellness or support your family. These may include: Workplace modification assistance, Bereavement Benefit, Grief Support, and Early Notification Incentive Benefit.
Working less than 14 hours per week
With the change in insurer the ‘limited total disability’ definition will no longer apply.
Where you are Permanent employees and your hours reduce to less than 14 hours per week, you will no longer be eligible for Income Protection cover.

August 2024

BESIX Watpac Employee Superannuation Plan

The following changes were made to BESIX Watpac Employee Superannuation Plan members’ accounts from 1 August 2024:

Decrease in Death & TPD premium rates
Income Protection premium rates are reducing for Closed category ‘to age 65’
Income Protection premium rates are reducing for Permanent employees with ‘5 year’
Terminal Illness certification period will change to 24 months
Effective 1 August 2024, Death and Total & Permanent Disability insurance cover that you may hold will be recalculated annually on 1 April, this previously occurred on 1 July.

September 2024

Queensland Country Bank Superannuation Plan

The following changes were made to Queensland Country Bank Superannuation Plan members’ accounts from 16 September 2024.

Move from Super Savings – Business to Super Savings - Corporate

Members of the Queensland Country Bank Superannuation Plan will be moved from Super Savings – Business to Super Savings – Corporate. As part of the move, members’ insurance arrangements are changing.

Insurance cover will be calculated on an annual basis on 1 September (previously occurred on a monthly basis). The amount of insurance and related premium will be based on the latest ‘salary’ as advised by Queensland Country Bank (QCB).

Change of insurer

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

Premiums are changing

Death and Total & Permanent Disability (TPD) and Income Protection (IP) premium rates are changing for all members. The change varies based on gender and age.

Maximum cover level is changing

The maximum cover level is the maximum limit members can be covered for.

Death cover, this has changed from $5 million to unlimited.

Terminal Illness cover, this has changed from $5 million to $3 million.

TPD cover, this has changed from $3 million to $5 million.

Income Protection claim benefits

Where a member has been accepted for an Income Protection claim, Zurich provides a number of benefits to help the member return to wellness or support their family.

These may include,

Workplace modification assistance
Bereavement Benefit
Grief Support
Early Notification Incentive Benefit
Working less than 14 hours per week
With the change of insurer, the ‘limited total disability’ definition for Income Protection cover will no longer apply.
Where member is a ‘permanent employee’ and their hours reduce to less than 14 hours per week, they will no longer be eligible for Income Protection cover.

October 2024

Boston Consulting Group Superannuation Plan

The following changes were made to Boston Consulting Group Superannuation Plan members’ accounts from 1 October 2024

The AAL for Death and TPD insurance cover is increasing to $2.2 million, previously $1.5 million. Where your cover was previously limited by the AAL, your cover may increase as a result of this change.

November 2024

DuluxGroup Superannuation Plan

The following changes were made to DuluxGroup Superannuation Plan members’ accounts from 1 November 2024:

Change of insurer
Decrease in Death, TPD, and Optional IP premium rates
Automatic Acceptance Limit (AAL) for Death and Total & Permanent Disability insurance cover is increasing
Terminal Illness certification period will change to 24 months
Maximum cover level for Terminal Illness is reducing from unlimited to $5 million
Maximum cover level for TPD is reducing from $5 million to $3 million
Changes to the definition of Total & Permanent Disability
Death and Total & Permanent Disability insurance cover that you may hold will be recalculated annually on 1 April, this previously occurred on 1 July. Your cover will undergo a recalculation at 1 November 2024 before moving to 1 April each year going forward.
Income Protection claims escalation: From 1 November 2024, claims escalation on 2-year Optional Income Protection benefits will no longer apply.
Life and Age Events cover will become available to members of the plan from 1 November 2024

Scyne Superannuation Plan

The following changes were made to Scyne Superannuation Plan members’ accounts from 9 November 2024:

Change of insurer
Decrease in Death & TPD premium rates
Terminal Illness certification period will change to 24 months
Terminal Illness certification period will change to 24 months
Maximum cover level for TPD is reducing from $5 million to $3 million

December 2024

Brookfield Group (Australia) Superannuation Plan

The following changes were made to Brookfield Group (Australia) Superannuation Plan members’ accounts from 15 December 2024:

Decrease in Death & TPD premium rates
Terminal Illness certification period will change to 24 months
Life Event option is now available
Changes to the definition of Total & Permanent Disability

February 2025

Dell Technologies Corporate Superannuation Plan

The following changes were made to Dell Technologies Corporate Superannuation Plan members’ accounts from 22 February 2025:

Change of insurer
Death and Total & Permanent Disability cover will now continue to age 67.
Decrease in Death & TPD premium rates
Maximum cover level for Death will now be $10 million
Maximum cover level for Terminal Illness, and TPD will now be $3 million
Should you currently hold Total & Permanent Disability cover is excess of $3 million the insurer will honour the existing cover levels
Changes to the definition of Total & Permanent Disability
Active military service exclusion: With the change of insurer, the exclusion on active military service will no longer apply for Death and TPD cover.

Viatris Superannuation Plan

The following changes were made to Viatris Superannuation Plan members’ accounts from 15 February 2025:

Change of insurer
Decrease in Death & TPD premium rates
Terminal Illness certification period will change to 24 months
Maximum cover level for Terminal Illness, and TPD is increasing
Life Events cover will be available under new insurer standard terms from 15 February 2025.
Previously Age Events cover allowed members to increase cover without proof of health upon turning ages 30, 40 and 50. This will no longer be available.

March 2025

GPC Asia Pacific Superannuation Plan

The following changes were made to GPC Asia Pacific Superannuation Plan members’ accounts from 1 March 2025:

Change of insurer
Decrease in Death & TPD premium rates for Permanent employees
Increase in weekly fixed premium rates for Death & TPD for Casual employees
Increase in Optional IP premium rates (available to Permanent employees only)
Changes to the definition of Total & Permanent Disability for Casual employees
The AAL for Death and Total & Permanent Disability insurance cover is decreasing from $1.5 million to $1 million. When your Death and TPD insurance cover is updated on 1 March 2025, if your new level of cover is greater than $1 million you’ll retain this higher limit as your AAL going forward.
Maximum cover level for Death will now be $10 million
Maximum cover level for Terminal Illness will now be $3 million
Maximum cover level for Income Protection will now be $30,000 per month
Life Events cover will no longer be available from 1 March 2025.