The changes, included an average 20 per cent drop in Total and Permanent Disability (TPD) insurance premiums for Sunsuper for life members, and some changes to Sunsuper for life insurance cover as a result of Sunsuper signing up for the new voluntary insurance code.
Under superannuation law, Sunsuper is required to let members know about changes that may affect their super account. This year our Significant Event Notice or SEN and the accompanying Product Update were communicated to members based on their stated channel preference (i.e. email or hard copy mail). And while we printed and mailed 25,000 hard copy notices to members who have requested them, we’re pleased to say our digital-first strategy and improved digital distribution processes resulted in more than 1 million members receiving their update digitally.
The key product updates we let members know about included:
- Insurance premium and cover changes for members in our Sunsuper for life product, including an average 20 per cent drop in Total and Permanent Disability (TPD) insurance premiums.
- Letting members know we have signed up for the new Insurance in Superannuation Voluntary Code of Practice [PDF 159KB].
- Changes to the asset allocations and standard risk measure for some of our investment options.
- Legislation changes that will come into effect on 1 July 2018, including the First Home Super Saver Scheme, downsizing contributions and “catch-up” concessional contributions.