Corporate SEN summary

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.