Significant Event Notice - effective 1 April 2023
Summary of key changes
Insurance – Accumulation members only
After a comprehensive insurance review, we are making some significant changes to our insurance offering to make it more relevant to the needs of our members.
The following changes will take effect from 1 April 2023.
Death and Total and Permanent Disablement Cover:
- Changes to cover amounts for unitised Cover: Cover amounts, including default levels of Death and Total and Permanent Disablement (TPD) cover will change. Existing members with insurance cover will be transitioned across to the new arrangements on 1 April 2023.
- Changes to insurance premiums: Premium rates have been adjusted to partially remove some age-based cross-subsidies. As a result, some members will see a reduction while others will see an increase in their insurance premiums.
- Total and Permanent Disability definitions: We have updated our TPD definitions to make it more consistent across the membership base, to reduce waiting periods and in some cases, to eliminate waiting periods for specific medical conditions.
- Changes to insurance commencement age: The age to be eligible for insurance cover will increase from 11 to 15 years. This means members must be 15 years of age to be eligible for insurance cover through legalsuper.
Salary Continuance Cover:
- Changes to insurance premiums: Salary Continuance premium rates will decrease by 4% for all members who have Salary Continuance cover.
- Work Events upgrade: To better align our Salary Continuance products to the legal profession, we have implemented a new limited underwriting pathway for members to apply for increased cover in specified circumstances.
- Introduction of an additional benefit period: We are introducing a new 5-year benefit period product to complement our existing product suite.
Investments – All members
There have been some changes to the performance fees, transaction costs and estimated investment fees and costs across all investment options.