If you’ve been made redundant from Telstra or a Telstra Group associated employer, your super account balance and any insurance cover you have will be transferred to a TelstraSuper Personal Plus account. Death & TPD cover held in your account will be retained in your new TelstraSuper Personal Plus account† , however new premium rates will apply. You’ll need to pay for this insurance cover and the premium will be based on a weekly unitised rate. This cover will decrease as you get older. Any voluntary cover that is transferred will be based on the applicable TelstraSuper Personal Plus voluntary cover rates.
If you’re under 25 years or have an account balance that is less than $6,000, you’ll be required to complete an Opt-in Member paid default insurance cover form in order for your cover to transfer into the new arrangement and retain your cover. If you’ve previously completed the Opt-in form or otherwise made an election, this won’t be required.
TelstraSuper Corporate Plus, TelstraSuper Division 5 and Sensis Super Plus Defined Benefit members with existing Income Protection Cover will have that cover transferred‡ to TelstraSuper Personal Plus. For the cover to be retained, you need to have:
- commenced new employment as a permanent employee and provided TelstraSuper with the Continuing Income Protection form within 120 days of you leaving your previous Telstra Group employer, and
- received a Superannuation Guarantee (SG) contribution from your new employer into your new TelstraSuper Personal Plus account within 180 days of you leaving your previous Telstra Group employer, and
- made an election to opt-in, if applicable (see above).
Eligible members transferring from TelstraSuper Division 2 can apply for Income Protection Cover, as outlined above.
† Subject to the ‘active employment’ requirements contained in the relevant insurance policy.
‡ Subject to the At Work Requirements and other eligibility criteria and Exclusions contained in the Policy.
For detailed information on what happens to your insurance cover when you leave your employer, read the TelstraSuper Personal Plus PDS and Insurance Guide.