Diversa Trustees Limited, as Trustee of the Grosvenor Pirie Master Superannuation Fund Series-2, is writing to provide you with important information about your member account in Slate Super.
This information is particularly pertinent to those members who hold Death & TPD insurance cover through their SlateSuper account.
From 7 March 2022, a new Group Life (Death and Total and Permanent Disablement) Insurance Policy has applied to Slate Super members. The Policy is issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043 (the Insurer) to the Trustee, and the terms of the Policy are reflected in an updated Slate Super Insurance Guide which has been made available on the Fund’s website.
For members, the new Policy results in one change, being a new definition of Total and Permanent Disablement – Limited, and within this new definition, two new sub-definitions, of Mental Illness and Permanent Incapacity.
All other terms and conditions of the Insurance Policy remain unchanged.
All Insured Members of Slate Super with Death & TPD cover under the Policy that was in place immediately prior to 7 March 2022 will have that cover continue under the new Policy subject to any individual conditions, exclusions or restrictions which applied to an Insured Member continuing to apply until such time as they expire according to their terms.
The following table highlights the differences between the definition that applied until 6 March 2022, and the new definition that has applied since 7 March 2022.
ORIGINAL DEFINITION – Applicable to 6 March 2022 | NEW DEFINITION – Applicable from 7 March 2022 |
The Limited Definition applies to a member who is: | |
Not in Gainful Employment during the 3 months immediately prior to the Incident Date; or | Not in Gainful Employment for 16 consecutive months or more immediately prior to becoming totally and permanently disabled; or |
Working on average less than 20 hours per week during the 3 months immediately prior to the Incident Date; or | — |
Working in a hazardous or uninsurable occupation classified as “Individual Consideration” or “N/A” for Death only or Death & TPD cover in accordance with the Insurer’s Occupational Guide during the 3 months immediately prior to the Incident Date; or | Working in a hazardous or uninsurable occupation classified as “Individual Consideration” or “N/A” for Death only or Death & TPD cover in accordance with the Insurer’s Occupational Guide during the 3 months immediately prior to the Incident Date; or |
On Leave Without Pay, however:
and your TPD Incident Date occurs after the period of approved Leave Without Pay (as outlined in clause 4.4). | On Leave Without Pay, however:
and your TPD Incident Date occurs after the period of approved Leave Without Pay (as outlined in clause 4.4). |
Total and Permanent Disablement (TPD) means that the Insured Member | |
AND |
Where the Insured Member is unable to perform one or more of the above activities when cover commenced, that activity will not be taken into consideration by AIA Australia as part of the TPD assessment.
OR The Insured Member is deemed to be totally and permanently disabled if, in the opinion of AIA Australia, he or she has a Mental Illness that:
And with respect to (a) and (b) above the Insured Member has a Permanent Incapacity. |
2.1 New Definition – Mental Illness
The following new definition applies from 7 March 2022:
Mental Illness
Means the Insured Member(‘s) has been diagnosed by a psychiatrist under the latest edition of the Diagnostic and Statistical Manual of Mental Disorders (DSM) issued by the American Psychiatric Association (or a similar diagnostic tool determined by the Royal Australian and New Zealand College of Psychiatrists Board).
2.2 New Definition – Permanent Incapacity
The following new definition applies from 7 March 2022:
Permanent Incapacity
Means in our opinion the Insured Member has become incapacitated due to ill-health (whether physical or mental) and as a result of this ill-health is unlikely he or she will ever engage in or work for reward in any occupation for which he or she is reasonably qualified by education, training or experience.