Product Disclosure Statement – Insurance Guide · and TPD cover, you should receive an Insurance Guide – Death and Total and Permanent Disablement Cover for Employer Sponsored

ANZ Super Advantage Product Disclosure Statement – Insurance Guide

Group Salary Continuance (GSC) Cover

1 January 2006

Employer-sponsored members The insurance cover described

in this Guide is provided by TOWER Australia Limited

ABN 70 050 109 450 under group policies issued by

TOWER Australia Limited to the Trustee.

The Employer PDS is comprised of:> Employer Book > Member Book> Investment Information Book> Insurance Guide (this book)> Associated Employer Application Form

The Member PDS is comprised of:> Member Book > Investment Information Book> Insurance Guide (this book)

Important Notes

Where an employer joins ANZ Super Advantage, their employees become members of ING MasterFund ABN 53 789 980 697 (SFN 292 916 944; SPIN ANZ0265AU) (the Fund).

ING Custodians Pty Limited ABN 12 008 508 496 AFSL 238346 (ING Custodians) is the Trustee of the Fund and the issuer of this Product Disclosure Statement (PDS). ING Custodians is a subsidiary of ING Australia Limited ABN 60 000 000 779 (ING Australia).

The Trustee invests all contributions into a master life policy issued by ING Life Limited ABN 33 009 657 176 (ING Life) which then invests in selected investment fund(s). The master life policy is governed by the Life Insurance Act 1995 (Act) and is a contract between the Trustee and ING Life. ING Life is required to conduct its business in accordance with the Act and in the best interests of policyholders, invest all of the assets it receives from the Trustee in statutory funds approved by the Australian Prudential Regulation Authority and must comply with prescribed capital and solvency standards. ING Australia is also the administrator of the Fund.

An investment in the Fund is neither a deposit nor a liability of:

> Australia and New Zealand Banking Group Limited ABN 11 005 357 522 or any of its related corporations (ANZ)

> ING Australia

> ING Bank (Australia) Limited ABN 24 000 893 292 (ING Bank)

> ING Investment Management Limited ABN 23 003 731 959 (INGIM)

> any other company in the ING Group (ING) other than ING Life in relation to the master policy.

If the employer has selected insurance cover as part of ANZ Super Advantage, the insurance cover is provided by TOWER Australia Limited ABN 70 050 109 450 AFSL 237848 (TOWER) under group policies issued to the Trustee. The Trustee reserves the right to change the insurer, or vary the benefits or premium rates from time to time.

This PDS should not be used as a substitute for financial advice and employers should speak to a licensed financial adviser before participating in ANZ Super Advantage. This PDS will assist employers to determine whether this product is suitable for their employees’ needs and assist members to understand their superannuation benefits. You should read all parts of this PDS.

The Trustee relies on a number of third parties for the provision of specialist services in respect of the Fund, such as ING Life to provide the master investment policy and through it:

> INGIM to manage ING investment funds. INGIM is not a subsidiary of ING Australia

> INGIM to also manage specialist OptiMix Manage the Managers investment funds

> a range of external fund managers who manage the investment funds other than those managed by INGIM

> Aon Consulting Pty Limited ABN 48 002 288 646 (Aon Consulting) for specialist Defined Benefit administration services.

Contents Introduction 1

WhatisGroupSalaryContinuance(GSC)? 1

Whatarethefeesandcharges? 2

Whatdomembersneedtoknowabout theinsurancecover? 2

Whatbenefitsarepayable? 5

Whatdomembersneedtoknowaboutmakingaclaim? 7

Whatelsedomembersneedtoknow? 8

Dictionary 11

The Trustee operates these relationships on an arm’s length basis.

ING Custodians is responsible for the contents of this PDS except for information about external fund managers and externally managed investment funds. Information about each external fund manager and the investment strategy, objectives and asset allocation of any investment fund it manages is based on information provided by the external fund manager. The external fund managers have provided consent to be named. The external fund managers consent to information based on information they have provided being included in the PDS in the form and context in which it has been included and they have not withdrawn their consent at the time of preparation of this PDS. They take no responsibility for any other information in this PDS.

The value of investments in managed funds, superannuation and retirement products rises and falls. Neither ING Custodians nor any company in the ANZ or ING guarantees investment performance or earnings or return of capital investment in the Fund unless otherwise stated.

In this PDS, reference to Insurer means TOWER Australia Limited ABN 70 050 109 450.

The information in this PDS, including taxation information, is:

> based on the continuance of present laws and our interpretation of those laws

> up to date at the time of its preparation.

However, some information may change from time to time. For example, the insurance policy that is issued to the Trustee on behalf of the superannuation fund may be altered, or the way in which we process applications may change. We will issue a supplementary or replacement PDS if there is a materially adverse change to information in this PDS or there is a materially adverse omission from the PDS.

The Trustee can change any procedures or terms and conditions referred to in this PDS with reasonable notice.

The invitation to invest in ANZ Super Advantage in this PDS is only available to persons receiving this PDS in Australia. It is not made, directly or indirectly, to persons in any other country.

ING Custodians Pty Limited 347 Kent Street Sydney NSW 2000

GPO Box 4028 Sydney NSW 2000

Phone 13 38 63 Fax 02 9234 6668

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roup Salary Continuance Cover

IntroductionANZ Super Advantage (Fund) offers you an extensive range of choices in insurance cover, which you can structure to meet your financial needs. The Fund offers:

> Death Only Cover

> Death and Total and Permanent Disablement (TPD) Cover

> Group Salary Continuance (GSC) Cover.

This Insurance Guide deals with your GSC Cover, and applies to you if your employer has chosen GSC Cover for you.

Details of your insurance cover will be shown on your Welcome letter and also on your Annual Statement each year. Where your Welcome letter indicates that you have Death or Death and TPD cover, you should receive an Insurance Guide – Death and Total and Permanent Disablement Cover for Employer Sponsored members. If you have not received a copy of that Guide please contact Customer Services on 13 38 63 to obtain a copy.

Insurer

TOWER Australia Limited ABN 70 050 109 450 (TOWER) provides the insurance cover set out in this Guide.

ING Custodians (as the Trustee of the Fund) may change Insurers and the terms of the insurance policies providing the insurance cover under the Fund at any time. If this occurs, you will be advised of this in your next Fund Annual Report.

Dictionary

Included in this Guide is a dictionary of important words and terms that are relevant to the insurance cover provided under the Fund. You should always check the dictionary to see if a word or term has a specific meaning. See pages 11–13 of this Guide.

What is Group Salary Continuance (GSC)?Overview

GSC Cover is made up of a number of different components, some or all of which may apply to you. They are:

> Total Disability (TD) Benefit

> Partial Disablement Cover

> Interim Accident Cover

> Superannuation Reimbursement Benefit

> Extended Cover

> New Events Cover.

The rules relating to these different cover components (including whether they apply to you) are explained later in this Guide.

Where a benefit is payable, it is paid monthly for a period of up to two years.

Eligibility

GSC Cover is only available to you if your employer has chosen GSC Cover for you. If your employer has not chosen GSC Cover for you, you cannot apply for this cover. If your employer has chosen GSC Cover for you, you can cease this cover. However, you cannot change the level of cover or the waiting period chosen by your employer to apply to you.

Unless an Automatic Acceptance Limit applies to you (see below), to be eligible for cover all of the following must apply:

> your employer must apply for cover for you

> you must be at least aged 15 years but less than 65 years when your employer applies for that cover

> you must not be working in an excluded occupation when your employer applies for that cover (unless the Insurer has given prior written approval)

> you must satisfy the Cover Worktest. For more information see page 2 of this Guide.

In this case cover will only apply if the Insurer provides written notice that you have been accepted for the cover.

Automatic Acceptance Limit (AAL) eligibility rules

If an AAL applies to you (refer to your Welcome Letter), you are eligible for cover if you satisfy the AAL eligibility rules set out in this section. Where an AAL applies, the insurance cover selected for you by your employer, up to the level of the AAL, is provided without you needing to give the Insurer any evidence of your good health.

To be eligible for automatic acceptance:

> you must complete an application form to join the Fund within any time specified in the employer plan rules or

> if the employer plan rules do not require you to complete an application form, you must join the Fund.

You must also satisfy all of the following requirements:

> you must not be a member of a category for voluntary cover

> you must be ‘at work’ on the day you first become eligible to join the Fund (however, this rule does not apply to increases in cover)

> you must satisfy the Cover Worktest explained on page 2 of this Guide

> you must not have automatic acceptance for the same or a similar type of benefit under any other group insurance policy

> you must be an Australian resident (unless the Insurer agrees otherwise in writing)

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> you must not be working in an excluded occupation at the time you were first eligible to join the Fund (unless the Insurer agrees otherwise in writing)

> you must be aged at least 15 years but less than 65 years

> the amount of cover, or increase in cover, must be determined by the benefit formula applying to your membership category.

> Upon you becoming eligible to join ANZ Super Advantage, your employer must notify us of your membership and remit an initial contribution within 120 days.

Cover Worktest

The Cover Worktest means you must be employed by one or more participating employers for at least 20 hours per week on the date you are first eligible to join the Fund.

For increases in cover you must meet the Cover Worktest condition above, on the date the increase in cover is applied for.

If you do not satisfy this ‘Cover Worktest’, you cannot commence or increase GSC Cover.

If you join the Fund when you are working less than 20 hours per week, but later start working more than 20 hours per week, you will only have GSC Cover if you apply for that cover and the Insurer provides you with written notice that you have been accepted.

Where takeover terms apply

Different eligibility rules will apply if the Insurer has provided takeover terms to your employer (for more information see page 9 of this Guide).

What are the fees and charges?Premiums

Premiums are deducted monthly from your account in the Fund.

If your employer had up to 49 insured members who were eligible for insurance as at the commencement of your employer’s employer plan, your premiums for GSC Cover are shown on page 14 of this Guide. The Insurer can change these rates in the circumstances set out below.

However, the Trustee may have negotiated different premium rates with your employer and the details of these premium rates are available from your employer or by calling Customer Services on 13 38 63. Your Welcome Kit will also confirm the amount deducted from your account in the Fund each month.

You will not be charged a premium while you are receiving a benefit. However, premiums continue to be payable during any waiting period.

The Insurer can change premium rates (even during a premium guarantee period) in any of the following circumstances:

> Australia is involved in a war, whether declared or not, or there is an armed invasion of Australia

> the benefit formula for a particular membership category changes

> for a particular employer plan, if there has been a change of 25% or more in the number of persons insured in a particular employer plan since the date it was established.

The Insurer can also change premium rates if there is no premium guarantee date or on expiry of a premium guarantee date by giving notice to the Trustee.

The Trustee must give you at least 30 days prior notice of any increase in premiums.

Commission

The Insurer deducts a commission of up to 10% of the premium paid for your cover, and pays that amount to the Trustee.

What do members need to know about the insurance cover?Commencement of insurance cover – where AAL applies

If you:

> satisfy the AAL eligibility rules and

> were employed by your current employer before the Trustee accepted its application to become a Participating Employer, and if relevant, the Insurer accepted the application to provide cover,

the insurance cover selected by your employer for you, up to the AAL, commences when your employer’s application was accepted or was agreed to take effect.

If you:

> satisfy the AAL eligibility rules and

> commenced employment with your employer after its application to become a participating employer was accepted by the Trustee, and if relevant, the Insurer accepted the application to provide cover,

the insurance cover selected by your employer for you, up to the AAL, commences when you first become eligible to join the Fund.

Where you qualify for automatic acceptance of an increase in cover within the AAL and your insurance cover increases, the increased cover starts on the date you became eligible for the increase.

However, in all these cases, cover only commences as set out above if premiums are paid for you relating back to the date your cover commenced.

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Commencement of insurance cover – where an AAL is not available

This section explains the position where AAL is not available to you.

An AAL would not be available to you due to one of the following:

> AAL does not apply to your employer plan

> you do not satisfy the AAL eligibility rules

> for some other reason specified in this Guide, you are required to go through underwriting.

Where an AAL is not available, you will only have GSC Cover if your employer applies for the cover (or cover in excess of any applicable AAL), and you provide the Insurer with any evidence it requires e.g. evidence of your good health. The Insurer will assess you for cover, and notify you in writing if you have been accepted for this cover.

Where an AAL is not available, or an application for cover or increase in cover in excess of the AAL has been made, cover will not apply until the Insurer has assessed and accepted your application in writing.

Cover only commences from this date if premiums are paid for you relating back to the date your cover or increase in cover commenced. Also, your cover will be subject to any special conditions (e.g. premium loadings, or specific exclusions) notified by the Insurer.

Interim Accident Cover

While the Insurer is considering your application for cover, or cover in excess of any applicable AAL, you will be entitled to Interim Accident Cover for a period of up to 90 days from the date of your application.

Where Takeover Terms apply

Different rules about commencement of insurance cover will apply if the Insurer has provided takeover terms to your employer.

Cessation of GSC Cover

Your GSC Cover (if any) will immediately cease on the first to occur of the following:

> your death

> you reach age 65

> Extended Cover has ceased after you leave the Fund

> you retire from the workforce

> you start other insurance for the same or similar amount of benefits (apart from cover under this policy)

> 60 days after a premium is not paid in respect of you

> the policy ends.

You will not be eligible to claim a benefit unless you satisfy all relevant policy conditions, including the Claim Worktest. For more information see page 6 of this Guide.

Extended Cover

If you leave the Fund for reasons other than retirement or disablement prior to age 65, you will continue to have Extended Cover for a maximum period of 60 days.

Extended Cover means cover for total disability or partial disability caused by an accident. This cover starts on the day you cease to be a member of the Fund, and stops on the earliest of:

> 60 days after you ceased to be a member of the Fund

> you reaching age 65

> you starting alternative insurance for the same or similar benefits

> the policy ending

> you retiring

> you die.

In order for Extended Cover to apply, you must have had GSC Cover on the date you left the Fund and your member account balance on that day must be sufficient to pay the premium. Your waiting period will apply, and the insured benefit will not be payable more than once in respect of any one accident. The benefit amount will be calculated as at the date immediately prior to the date you ceased to be a member of the Fund.

Non-payment of premiums

Your GSC Cover will cease 60 days after there is insufficient money in your account in the Fund to meet your monthly premium.

Paid leave and parental leave in Australia

Provided premiums continue to be paid, your cover will continue while you are on paid leave.

If you are on maternity or paternity leave (paid or unpaid), or unpaid full-time study or travel, your GSC Cover can continue for a period of up to one year, provided premiums continue to be paid. However, in all cases, your cover is subject to the restrictions explained below.

Overseas Cover

Your cover will continue while you are overseas, as described below.

If you are an Australian resident

> Cover continues for up to three months (or a longer period agreed by the Insurer) while you are outside your normal country of residence

> Cover continues for up to three years if you are temporarily residing overseas, and you were an Australian resident when cover commenced. However, this cover is subject to the Insurer’s prior written consent, and your complying with any restrictions or special conditions which are imposed.

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If you are not an Australian resident

> Your cover will continue for up to three months (or a longer period agreed by the Insurer) while you are outside Australia.

If you make a claim while you are overseas, the Insurer may require you to return to Australia for medical treatment and assessment. This will be at your own cost.

You will need to go through underwriting in order to resume cover if your cover has previously ceased due to you having been overseas for an extended period. For the definition of underwriting see page 13 of this Guide.

Leave without pay

If you are on leave without pay (e.g. to travel or undertake full-time study), then provided the Insurer gives prior written consent (prior consent is not required for parental leave) and premiums continue to be paid, your GSC Cover can continue for up to one year (including periods you spend overseas as defined in Overseas Cover on page 3). This cover will be subject to any special conditions or restrictions imposed by the Insurer.

If you make a claim during unpaid leave:

> your waiting period starts when a medical practitioner certifies that you are unable to work due to an accident or sickness

> your benefit period starts on the date you were expected to return to work as documented in your leave notice. This condition does not apply for parental leave.

If you make a claim while you are overseas, the Insurer may require you to return to Australia for medical treatment and assessment. This will be at your own cost.

You will need to go through underwriting in order to resume cover, if your cover has previously ceased due to you having been on extended unpaid leave.

Residency

Unless notified otherwise, cover is only available to Australian residents. However, cover may continue even if you subsequently cease to be an Australian resident, provided you were an Australian resident at the time cover was first provided. (This is subject to any other restrictions or limitations set out in the policy.)

Continuing insurance after ceasing employment

If you cease to be employed by a participating employer, you will be automatically transferred to ANZ Super Advantage Personal. The cover (if any) you had in the Corporate Division (subject to any underwriting conditions that apply to you) will continue under ANZ Super Advantage Personal. This applies regardless of whether you change to an excluded occupation after you leave your current employment. However, the cover will be subject to the terms and conditions of the insurance policy that provides cover for ANZ Super Advantage Personal at the time and the premium rates under that policy at that time.

ANZ Super Advantage Personal premium rates, which are higher than the premiums in the Corporate Division, are subject to any premium loadings which applied to your insurance cover under the Corporate Division. The terms and conditions of the Personal Division, including the insurance premiums for the Personal Division, apply to you as a retained member from the date you ceased employment. If the Trustee is not advised at the time you ceased employment with your employer, the amount representing the difference between the Personal Division premium rates and the Corporate Division premium rates will be calculated from the date you ceased employment and this amount will be deducted from your account at the time of notification.

Note: If your employer previously paid the insurance premiums on your behalf, that arrangement ceased when you left your employer and premiums will now be deducted directly from your account on a monthly basis.

If your income reduced after moving to ANZ Super Advantage Personal, your monthly GSC benefit will be the same percentage (as in the Corporate Division) of your new income, but your overall benefit value will reduce.

If your new income is higher than your last income, as defined in the dictionary on page 12, in the Corporate Division, you will need to apply for an increase in your GSC benefits to take into account your increased income. Any increase in benefits will not apply until assessed and accepted by the Insurer in writing. There will also be an increase in your premiums for the higher cover.

As your insurance requirements may change on leaving your employer, you should speak to your financial adviser to help determine your insurance needs. Your cover will cease when you withdraw/transfer your account from the Fund or if the other conditions of ceasing insurance cover apply to you.

If you leave the Fund, you may have Extended Cover and a continuation option, details of which will be provided to you when you transfer to ANZ Super Advantage Personal. For an explanation of continuation option see page 12 of this Guide.

Keeping track of your insurance

Your Member Statement will set out your level of cover under the Fund. You can also call Customer Services on 13 38 63 for more details.

Using your Client Registration Number (CRN) and Telecode you can log onto the ANZ website at www.anz.com/wealth/super to check your current insurance benefits.

Underwriting

You must go through underwriting in order to commence, recommence or increase your GSC Cover (as the case may be) in a number of situations explained elsewhere in this Guide.

Where underwriting is required, you will only have the relevant cover once the Insurer has assessed and notified in writing that it has accepted your application.

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What benefits are payable?Monthly benefit

The TD Benefit is a monthly benefit calculated using a benefit formula (selected by your employer) which relates to your monthly income. The amount of your cover is set out in your Member Statement.

Basic Cover

If your employer has selected Basic Cover, this provides a monthly benefit of 75% of your income if you suffer total disability. The benefit is only payable after 90 days continuous absence from work because of total disability (called the 90 day waiting period). The benefit is paid for a maximum period of two years.

Enhanced options

As an alternative, your employer may have chosen an enhanced option of:

> 50% or 75% of income

> a 30, 60, or 90 day waiting period.

Waiting period

The waiting period is the length of time between when you are totally disabled and when the Insurer starts paying benefits. Your employer chooses your waiting period. The longer your waiting period, the lower the premium that applies to you.

The TD Benefit is only payable where you have suffered total disability for at least the waiting period. No TD Benefit is payable if cover ceases, or if you turn 65 before the end of the waiting period.

Interim Accident Cover

While the Insurer is considering your application for GSC Cover or any variation to that cover, you will be entitled to Interim Accident Cover for up to 90 days from the date of your application.

Interim Accident Cover provides you with a monthly benefit if all of the following apply:

> you suffer total disability as a result of an accident

> the total disability occurs within 90 days of the accident.

The benefit payable is the part of the TD Benefit that is being assessed by the Insurer, but limited to a maximum benefit of $6,000 per month less any other TD Benefit payable under the policy.

The maximum benefit period of two years applies. The monthly benefit will be reduced by the payments referred to in ‘Benefit reductions’ on page 7 of this Guide). The benefit is not payable more than once in respect of any one accident.

A benefit under Interim Accident Cover ceases on the earliest of the following:

> you cease to be totally disabled

> benefits have been paid for the maximum benefit period of two years

> you reach age 65

> you die

Interim Accident Cover ceases on the earlier of:

> 90 days after it commences

> the assessment and acceptance of the cover by the Insurer (even if subject to special conditions)

> the rejection (or deferral of the acceptance) of the cover by the Insurer

> your leaving the Fund

> your reaching age 65

> the policy ending

> your application for cover or increased cover (as the case may be) being withdrawn

> your death.

You will not be eligible to claim a benefit unless you satisfy all relevant policy conditions, including the Claim Worktest which is explained on page 6 of this Guide.

Partial Disablement benefits

A Partial Disability Benefit is only payable if all of the following apply:

> you are partially disabled

> a TD Benefit has been paid for at least one day in respect of the same disability

> your post-disablement income is 80% or less than your pre-disablement income

> you satisfy any other relevant policy conditions.

The Partial Disability Benefit is equivalent to the drop in the income you earn while suffering partial disablement expressed as a percentage of your pre-disablement income multiplied by your TD Benefit.

Because a TD Benefit must already have been paid for at least one day before you are entitled to a Partial Disability Benefit, no waiting period applies to this benefit. The maximum combined period for which a TD Benefit and Partial Disability Benefit will be paid is two years.

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Superannuation Reimbursement Benefit

Your employer can apply for optional Superannuation Reimbursement Benefit of up to 10% of your income. This benefit will be paid to the Fund (while a TD Benefit or Partial Disability Benefit is being paid in respect of you) in order to allow employer superannuation contributions to be maintained for you while you are disabled.

This additional cover applies only if selected by your employer and is limited to the lesser of:

> the percentage of income the participating employer is contributing to the Fund as superannuation contributions for you

> 10% of income.

Claim Worktest

In addition to all other requirements, in order to be eligible to claim a TD Benefit, you must satisfy the Claim Worktest. If you do not satisfy this test, you are not eligible to receive any TD Benefit.

To satisfy the Claim Worktest you must meet one of the following conditions.

> You must have been employed by a participating employer and worked for an average of 20 hours or more per week over a period of six consecutive months for the Participating Employer immediately before the date of the event giving rise to your disablement.

> If you have been employed by a participating employer and worked for a period of less than six consecutive months since commencing cover – you must have worked for an average of 20 hours or more per week for the Participating Employer from the date you became an Eligible Person as defined in the policy.

For the purposes of the Claim Worktest, ‘participating employer’ means the participating employer who employed you at the time your cover commenced under the policy, or any related company.

Periods of paid leave, parental leave, and approved unpaid leave (for information on ‘Leave without pay’ see page 4 of this Guide) are not counted for the purposes of the Claim Worktest. For example, if you have worked for a Participating Employer for less than six months and you go on unpaid leave while cover continues, the six month consecutive period over which your hours of work is averaged is reduced by the leave period.

Recurrence of disability

The Insurer will treat a recurring disability as a continuation of your previous claim if:

> your total disability or partial disability recurs within six months of the date you were last entitled to receive a TD Benefit or Partial Disability Benefit

> the cause of the recurring disability is the same or related to the reasons for the previous claim and

> your cover under the policy has not ceased.

This means no waiting period will apply and your monthly benefit payment will restart straight away (paid monthly in arrears).

The monthly benefit will continue to be paid until the end of the benefit period under your first claim. In other words, both periods of disability will be added together to calculate when your benefit period ends. The maximum benefit period is two years.

The Insurer will treat the second disability as a new disability, and not a continuation of the original claim if:

> you have been paid a TD Benefit or Partial Disability Benefit for less than two years (original claim)

> you return to work and cease to receive the benefit

> more than six months since the date you were last entitled to receive the benefit, you suffer total disability the cause of which is the same or related to the reasons for the original claim (second disability) and

> your cover under the policy has not ceased.

Where these requirements are satisfied, a new waiting period and benefit period will apply.

No further benefit will be paid in respect of a disability (including a disability arising from related causes) if a TD Benefit or Partial Disability Benefit has been paid in respect of that disability for the maximum combined benefit period of two years.

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Benefit reductions

Benefits payable in respect of the GSC Cover outlined in this Guide will be reduced by any amount which is attributable to income replacement you receive from one or more of the following sources:

> sick leave (expressed as a monthly amount) paid by an employer

> social security, workers’ compensation, motor accident compensation or other similar compensation paid under State or Federal legislation

> any monthly income benefit paid under any insurance policy held by the Trustee or you, including in some cases this policy.

If your age has been understated, your benefit will be recalculated on the basis of the amount of premium already paid, and what that premium would have purchased if it had been calculated using the correct age.

If you have multiple GSC covers under the policy

It is possible to have multiple GSC covers under the policy. This could occur if you are employed by more than one of the Fund’s participating employers, and because of this you have separate GSC covers relating to each participating employer. You cannot have more than one GSC Cover in the one employer plan.

Generally, there will be no advantage (and it may be disadvantageous) for you to have multiple GSC covers under the policy. This is because under the policy terms, you will only ever be paid one amount of GSC Cover (see below for more details). However, while you retain multiple GSC covers, you will be charged premiums for each separate cover.

You should notify the Trustee immediately if you have multiple GSC Covers under the policy and you wish to stop one or more instances of it. You should note that premiums for each separate GSC Cover will continue to be charged until the Trustee is notified that you wish to cease cover.

Details of benefit reduction where multiple GSC Cover exists

If you have multiple GSC Cover under the policy only the GSC Cover with the highest level of cover will be paid.

When benefits can be limited or deferred

Benefits can be stopped or limited in any of the following cases:

> you do not follow recommended reasonable medical treatment and your refusal to follow the treatment is not on reasonable grounds – in this case, the Insurer may stop paying benefits

> the Insurer requires proof to substantiate continuing benefit payments, and proof acceptable to the Insurer is not provided within 30 days of its request – in this case, your entitlement to receive benefits will end

> a claim is not made within 30 days of your ceasing work due to disability – in this case, if the Insurer has been prejudiced by the delay, it will not pay benefits for the period of disability before notification.

Only one TD Benefit or Partial Disability Benefit will be paid in respect of you at a time.

If you are totally disabled or partially disabled because of more than one accident or sickness, a benefit will only be paid for either one accident or one sickness, even if they are related. The Insurer will pay the benefit for the accident or sickness which it believes, based on medical or other evidence, is likely to result in the longer benefit payment period.

Exclusions

A benefit is not payable when either total disability or partial disablement is caused by:

> war or an act of war (even if the disability manifests after the war or act of war)

> any intentional self-inflicted injury or attempt at suicide by you

> pregnancy, unless disability continues for longer than three months after the pregnancy ends, in which case disability will be considered to have started at the date the pregnancy ends.

Maximum GSC Benefit

The maximum GSC Benefit is $20,000 per month (including any Superannuation Reimbursement Benefit) for a two year period. No amount will be paid in excess of this maximum.

What do members need to know about making a claim?How to make a claim

The Insurer must be advised of your claim within 30 days of you ceasing work due to a disability, unless otherwise agreed to by the Insurer.

Payment of a claim is conditional on your satisfying all relevant policy requirements by completing and returning claim forms as required by the Insurer within 60 days or as soon as practicable after the beginning of the period of total disability and providing all relevant proof.

You are responsible for any costs associated with completion of claim forms, and any other reports or assessments required to substantiate your claim. You are also responsible for any costs associated with completion of any progress claim forms, and the Insurer may require these to be completed by a specialist.

Importantly, the amount of your income has to be substantiated through the provision of appropriate financial records as requested by the Insurer.

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If the Insurer considers it necessary, you must undergo examination and/or specialist tests by a medical practitioner it selects. The Insurer is responsible for these costs. If you do not attend any pre-arranged medical consultations, you will be liable for any fees incurred.

Your insured GSC Benefit will be paid by the Insurer to the Trustee, who will deduct any tax that is payable in respect of the benefit before paying the benefit to you.

You will need to complete an Employment Declaration from the Australian Taxation Office and provide the Trustee with your complete bank account details.

Commencement and cessation of GSC Benefit

Benefits are calculated as at the last day ‘at work’ prior to the accident or sickness.

Your GSC Benefit is paid monthly in arrears. Therefore, you will receive your first payment one month after the end of your waiting period. For part of a month, 1/30th of the benefit is paid for each day you are entitled to be paid the benefit.

Your benefit will stop being paid when the first of the following occurs:

> for a TD Benefit – you stop being totally disabled

> for a Partial Disability Benefit – you stop being partially disabled

> if either a TD Benefit or Partial Disability Benefit stops being paid, the Superannuation Reimbursement Benefit (if applicable) will also stop being paid

> you have received benefit payments for a total of two years

> you reach age 65

> you die.

For information see ‘Maximum GSC Benefit’ on page 7 of this Guide.

Waiver of premium

Your premium will be waived while you are receiving a GSC Benefit.

Premium refunds

The Insurer will refund premiums:

> if it does not pay a claim because you do not satisfy the Claim Worktest – in this case, the Insurer will refund premiums paid which relate to the period commencing on the day you last met the Claim Worktest, and ending on the day of the event which, but for the operation of the Claim Worktest, would have entitled you to claim a benefit

> if it does not pay a claim because you had an excluded occupation, for more information see opposite

> if it reduces a claim because your income immediately before disablement is less than the amount last notified to the Trustee. In this case the Insurer will refund an amount which represents the premium paid for the amount by which the Insurer has reduced the benefits.

Beneficiaries under disability

If you become entitled to a benefit from the Fund and someone has been appointed to manage your estate because you are under a legal disability (e.g. because of your mental ill-health), the Trustee may pay your benefit to a person who holds your enduring power of attorney.

What else do members need to know?Duty of disclosure

Where you are required to provide information to the Insurer, you have a duty under the Insurance Contracts Act 1984 to disclose to the Insurer every matter that you know, or could reasonably be expected to know, is relevant to the Insurer’s decision whether to accept the risk of insurance and, if so, on what terms.

Your duty of disclosure applies even after your application is completed and until the Insurer has assessed and accepted your application for insurance cover.

You have the same duty to disclose those matters to the Insurer before you change your insurance cover or apply for new cover. Your duty, however, does not require disclosure of a matter that:

> diminishes the risk to be undertaken by the Insurer

> is of common knowledge

> the Insurer knows, or in the ordinary course of its business ought to know

> is waived by the Insurer.

This duty of disclosure continues to apply until formal notification of assessment and acceptance of cover or of any change in cover by the Insurer.

Excluded occupation categories

The Insurer does not provide GSC Cover for certain occupations. These are called ‘excluded occupation categories’. The list of excluded occupations may change from time to time. The Trustee holds a list of current excluded occupation categories. If you are in doubt as to whether your occupation is an excluded occupation, or you require additional information, please call Customer Services on 13 38 63.

GSC Cover will not be provided to any employee who is in an excluded occupation category if an AAL applies when he or she is first eligible to join the Fund, or in any other case when cover is applied for in relation to that employee, unless the Insurer gives prior written approval.

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If it is found at the time that a claim is made that you were in an excluded occupation as outlined above, your claim will not be paid and any premiums paid in respect of the rejected cover will be refunded.

If you were not in an excluded occupation as outlined on page 8, your cover (if any) will not be affected by any subsequent change in occupation as long as you continue to be a member of the Fund.

However, if you do not have GSC Cover and then change from an excluded occupation to an occupation covered by the Insurer, you will not be entitled to any GSC Cover unless you apply for it and it is assessed and accepted by the Insurer in writing and the Insurer has received the initial premium.

Takeover terms

The Insurer may agree to replace an insurance policy (the previous policy) issued by another insurer (the previous insurer) with the cover explained in this Guide. (This is referred to as ‘takeover terms’.)

Cover provided under takeover terms

Where the Insurer provides takeover terms, the cover provided is as set out below.

> If you were ‘at work’ on the last normal working day immediately before the date the employer plan commenced under the policy – you will have GSC Cover from the date the employer plan commenced under the policy.

> If you were insured under the previous policy, but for reasons other than accident or sickness you were not ‘at work’ on the last normal working day before the date the employer plan commenced under the policy – you will have the same amount of GSC Cover as under the previous insurer, provided that:

– on the day before the first day of the relevant absence, you were ‘at work’ and

– during the period where you were not ‘at work’, you were not disabled due to accident or sickness prior to the date the employer plan commenced under the policy.

> If you were insured under the previous policy, but due to accident or sickness you were not ‘at work’ on the last normal working day before the date the employer plan commenced under the policy – you will have New Events Cover from the date the employer plan commenced under the policy. The New Events Cover will be replaced by full GSC Cover once you satisfy the ‘at work’ conditions. (This full GSC Cover will include cover for disabilities arising from events prior to the take-over date in addition to the New Events Cover.)

You will be notified if the Insurer agrees to takeover terms other than those set out above.

You should also note that:

> if your benefit amount under the policy is higher than under the previous policy, underwriting is required for any amount which exceeds your AAL

> the Insurer may apply maximum take-over limits

> if the Insurer provides takeover terms, it will accept the previous insurer’s underwriting terms which apply to forward underwriting of future benefit increases (FUL’s), subject to the following:

– the Insurer’s maximum FUL’s which apply on the date cover commences under the policy will apply

– future benefit increases being based on the benefit formula applicable to you under the policy.

New Events Cover

New Events Cover is GSC Cover provided as outlined in this Guide and in accordance with the terms of the policy, but excluding any claim related to accident or sickness which directly or indirectly caused you to be not ‘at work’ on the last normal working day before the date the employer plan commenced under the policy.

Termination of the policy

The policy can be terminated in limited circumstances.

No cash value

If you cease to be a member of the Fund for reasons other than disablement, no insured benefit is payable to you. That is, your cover does not have a cash value on termination at any time.

The relationship between the Trustee and the Insurer

GSC Cover is provided under a life insurance policy issued to the Trustee on behalf of the members of the Fund by the Insurer, TOWER Australia Limited ABN 70 050 109 450. TOWER is not a related corporation of the Trustee.

The Insurer deducts a commission of up to 10% of the premium paid to it for your cover, and pays that amount to the Trustee.

Further information

If you would like further information, please call Customer Services on 13 38 63.

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Privacy

As part of your membership in the Fund and in relation to any insured benefit which may be part of your membership you need to understand that information about you will be obtained and used by us and other parties, in the ways we explain below.

In this section the words ‘we’, ‘our’ and ‘us’ means:

> Australia and New Zealand Banking Group Limited ABN 11 005 357 522 and each of its related corporations (ANZ) as well as any person, entity or company with whom ANZ enters into a joint venture, partnership or similar business arrangement

> ING Australia Limited ABN 60 000 000 779 and each of its related companies.

What information do we have about you?

Your employer provides us with your contact and investment details, the amount you are investing, and the origin of the amounts invested (employer’s superannuation guarantee contribution, employer’s additional contribution, personal contribution or spouse contribution). We may also receive other personal information such as your age, occupation, employment and insurance history which could also include sensitive information about yourself such as (but not restricted to) health information and any criminal charges. In the future we may obtain other information (including sensitive information) about you from yourself or other sources, such as medical records, reports on your insurance history and from solicitors, insurers, reinsurers, police, assessors or investigators. This is all ‘your information’.

How will your information be used?

The information will be used by us and the Insurer for the primary purpose of assessing your application, registering you as a member if you are approved, administering your investment in the Fund and/or your superannuation entitlements, maintaining any insurances and assessing any related claims. Your sensitive information will only be used for these purposes.

Your information (other than sensitive information) will also be used by us and the Insurer to maintain our relationship with you as well as for our internal operations including accounting, risk management, record keeping, archiving, systems development and testing, staff training, credit scoring and compliance monitoring. We may also use your information to develop, establish and administer alliances and other arrangements with other organisations in relation to the promotion, administration and use of our respective products and services, and to develop, identify, and (unless you have requested us not to by calling Customer Services on 13 38 63) inform you of our products and services that may interest you. Your information (other than sensitive information) may also be used for market or customer satisfaction research, compliance with legislative regulatory requirements or for preventing or investigating crime or fraud and considering any other application or claim made by you to us.

The collection of your information is important to enable us to service both your relationship with us and our business operations. Without some or all of your information, we and/or the Insurer may not be able to process your application or any claim on your superannuation entitlements.

Who will use your information?

As a member of the Fund, you acknowledge that we and the Insurer may collect and disclose your information (including sensitive information) for the purposes set out above, to any of us; any person who carries out functions for us, including your employer, doctors, lawyers, police, reference agencies, investigators, assessors, insurers and reinsurers who may be involved in assessment of a claim by you or your estate; other organisations with whom we have arrangements or alliances for the purpose of promoting or marketing our respective products and services (and any agents used by us and our business partners in administering such an arrangement or alliance); payment system operators; any person you authorise about whom you inform us in writing; your executor, administrator, trustee, guardian or attorney, finance or stock broker, legal or financial advisers or superannuation sales consultant; or attorney under power, your employer(s); your superannuation funds; any person who introduces you to us; government, regulatory and law enforcement bodies and agencies including (where appropriate) the Australian Tax Office; debt collecting or credit reporting agencies; any insurer appointed by the Trustee or the Insurer and any reinsurer of any such insurer; any party to whom we or the Insurer are authorised or required by law to disclose that information; and any agent used by us or the Insurer or any of those other parties.

Some of these parties may be based overseas. You agree that we may disclose your information to an overseas party even if that party may not be subject to the same privacy obligations to you as we are.

Where you wish to authorise, or change an authorisation for any other parties to act on your behalf, to receive information and/or undertake transactions, please notify us in writing.

Please note amendments to the Family Law Act 1975 commenced on 28 December 2002 enabling certain persons to request information about your interest in a superannuation fund. We may, if requested, be required to provide information about your interest in a superannuation fund to your spouse or a person who intends to enter into an agreement with you about splitting your superannuation interests in the event of separation of marriage. The request must be in a form prescribed by law. The law prevents us from telling you about any such request for information.

How do you find out what information we have about you?

Subject to exceptions permitted by law, you may access your information at any time by calling Customer Services on 13 38 63. A fee may apply. If you find that the information held by us is not accurate, complete and up to date, please let us know and we will take reasonable steps to correct it.

If we receive and keep information about you from any other person, you will have the same access to that information and it can only be used for the same purposes and shared with the same persons as the information that you give us.

What happens if you give us information about another person?

If you give us personal information about another person, for example to identify them as a preferred or nominated beneficiary of your benefits, they have the same rights to access and correct their information as you do, and their information could be used in relation to the same primary purpose and shared with the same parties. You should tell them this and show them a copy of this statement.

If you have any further questions you would like answered about privacy, please write or contact us at:

ING Privacy Officer GPO Box 75 Sydney NSW 2001

Phone 02 9234 8111 Fax 02 9234 3979 Email [email protected]

DictionaryAAL

‘AAL’ means Automatic Acceptance Limit.

AAL eligibility rules

‘AAL eligibility rules’ are defined on page 1 of this Guide.

accident

‘Accident’ means the occurrence of an injury caused directly and solely by some violent accidental, external and visible means and which is capable of direct proof.

However, for the purposes of Interim Accident Cover, ‘accident’ excludes an injury which is directly or indirectly caused by, or attributable to an event, which:

> occurs whilst travelling by air other than as a passenger in a fully licensed standard type aircraft owned and/or operated by a recognised airline over an established air route

> occurs whilst mentally unsound, or whilst under the influence of intoxicating liquor, narcotics or drugs and, as a consequence of which, the Eligible Person is rendered less capable than usual of taking care of himself or herself

> is in consequence of war (whether declared or undeclared)

> is in consequence of an intentional criminal act

> is in consequence of motor racing

> is in consequence of mountaineering, parachute jumping, hang-gliding and any other activity which could cause the Insurer to load or reject the application or insurance

> is in consequence of a professional sport of any kind.

‘at work’

‘At work’ means that on the relevant date you were capable of performing the primary duties of your usual occupation or you were on approved leave, other than leave for reasons related to injury or illness.

If the relevant date is not a working day, this test applies on the next working day.

A different ‘at work’ definition applies if cover was established under takeover terms. Contact your employer for further information.

Australian resident

‘Australian resident’ means an Australian citizen or a New Zealand citizen living in Australia or a permanent Australian resident with an appropriate visa. Additionally, an Australian resident will also include individuals residing in Australia on de facto or work type visas, but only whilst they reside in Australia. Visitors, travellers, those on visitor’s permits, short-term international students and employees, or anyone who is on a short-term/temporary stay in Australia, will not qualify as an Australian resident.

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benefit period

‘Benefit period’ means the period in respect of which benefits will be paid under the policy.

Claim Worktest

Please see page 6 of this Guide for Claim Worktest conditions.

continuation option

Where a continuation option is available to you after you leave the Fund, you can apply to continue cover under a personal insurance policy. Conditions apply, including that you must apply in writing for the personal policy within 60 days of cover (except Extended Cover) ceasing under the policy. Further details on continuation options can be found in the Insurance Guide – Group Salary Continuance for Retained members and Personal members.

Corporate Division of the Fund

‘Corporate Division of the Fund’ means the part of the Fund relating to employer-sponsored members.

Cover Worktest

Please see page 2 of this Guide for Cover Worktest conditions.

employer plan

‘Employer plan’ means the part of the Fund established by a participating employer.

event

‘Event’ means an accident, sickness or other medical condition or any directly or indirectly related condition that has caused or could cause a claim to be made for a benefit under the policy.

excluded occupation

‘Excluded occupation’ means an occupation for which the Insurer will not provide GSC Cover without its prior written approval.

Extended Cover

‘Extended Cover’ is defined on page 3 of this Guide.

Forward Underwriting Limit (FUL)

‘FUL’ means an amount up to which the Insurer has advised it will provide cover for you in the future, without requiring underwriting.

Fund

‘Fund’ means ANZ Super Advantage.

GSC Cover

‘GSC Cover’ under the policy is made up of a number of different components. Depending on your circumstances, some or all of these components may apply to you. They are:

> Total Disability (TD) Benefit

> Partial Disablement Cover


> Superannuation Reimbursement Benefit

> Extended Cover

> New Events Cover.

income

‘Income’ means either:

> your gross annualised income from employment last notified to the Trustee

> another amount agreed by the Trustee with the Participating Employer.

For these purposes, ‘income from employment’ means the total remuneration package less any expenses incurred by the insured person earning the income (if applicable) paid by the employer to an insured person for their personal exertion. Income does not include commissions, bonuses or overtime unless the Insurer agrees in writing that it is included.

Insurer

‘Insurer’ means TOWER. The Trustee may change insurers at any time.

maximum benefit period

‘Maximum benefit period’ is the maximum period for which benefits will be paid under the policy. The maximum benefit period is two years.

medical practitioner

‘Medical practitioner’ means a medical practitioner who is legally qualified and registered to the equivalent Australian standards (and includes an appropriate specialist) who is not the policy owner or the insured person, their spouse, relative or business associate.

New Events Cover

See page 9 of this Guide for the definition of New Events Cover.

participating employer

‘Participating employer’ means an employer who participates in the Fund.

partial disablement or partial disability

‘Partial disablement’ or ‘partial disability’ means, after a period of total disability for which at least one day’s TD Benefit has been paid, you:

> returned (or are capable of returning) to your own or any other occupation

> are under the care of a medical practitioner

> as a result of the disability which caused your total disability, your income for this work is less than the amount of your pre-disablement income.

Partial Disability Benefit or Partial Disablement Benefit

‘Partial Disability Benefit’ or ‘Partial Disablement Benefit’ means the benefit payable on Partial Disability in relation to:

> Partial Disability Cover

> Extended Cover

> New Events Cover.

ANZ Super Advantage Personal

‘ANZ Super Advantage Personal’ means the part of the Fund relating to Personal and Retained members. See the ANZ Super Advantage Insurance Guide – Group Salary Continuance Cover for Retained members and Personal members for more details.

post-disablement income

‘Post-disablement income’ means the income earned by you during Partial Disablement.

The policy or this policy

‘The policy’ or ‘this policy’ means the insurance policy issued by TOWER to the Trustee which provides the GSC Cover described in this Guide.

pre-disablement income

‘Pre-disablement income’ means the income earned by you prior to total disability.

sickness

‘Sickness’ means an illness, disease or disorder.

takeover terms

‘Takeover terms’ means the terms on which the Insurer agreed to replace an insurance policy (the previous policy) issued by another insurer (the previous insurer) with the policy explained on page 9 of this Guide.

total disablility

‘total disability’ means if you:

> are unable to perform at least one of the duties of your occupation necessary to produce income, as a result of accident or sickness

> are not working in any occupation and

> are under the care of a medical practitioner.

However, for Extended Cover and Interim Accident Cover, total disability means as a result of an accident, you:

> are unable to perform at least one of the duties of your occupation necessary to produce income

> are not working in any occupation and

> are under the care of a medical practitioner.

TD Benefit

‘TD Benefit’ means the benefit payable on total disability in relation to:

> TD Cover


> Extended Cover

> New Events Cover.

TD benefit amount

‘TD benefit amount’ means either 50% or 75% of income, as selected by your employer.

underwriting

‘Underwriting’ means that in order to be assessed for cover you must provide the Insurer with any evidence it requires (e.g. evidence of your good health. In most cases, you will only need to complete a Personal Statement Form. However, you may also be requested to undergo a medical examination or blood tests, including HIV).

Where underwriting applies, your cover (or if relevant, increase in cover) will commence on the date your application has been assessed and accepted by the Insurer, or another date advised by the Insurer (subject to payment of premiums relating back to the date your cover commenced).

waiting period

‘Waiting period’ means the period of either 30, 60 or 90 days continual absence from work because of total disability. Your employer chooses the waiting period that applies to you. No benefit will be paid during the waiting period. The TD Benefit is only payable where you have suffered total disability for at least the waiting period. No TD Benefit is payable if cover ceases, or if you turn age 65, before the end of the waiting period.

war or act of war

‘War or act of war’ means declared war or armed aggression by one or more countries, resisted by any other country, combination of countries or international organisations but excludes an act of terrorism.

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The above rates apply to employer groups with up to 49 members (determined as at the time of the commencement of your employer’s employer plan). Premium rates for employer plans with more than 50 members must be referred to the Insurer. The above rates include 10% commission. Stamp duty has been included in the above rates.

Group Salary Continuance premiumsEffective from 1 September 2003.

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Customer Services Phone enquiries 13 38 63

Email [email protected]

Postal address ANZ Super Advantage GPO Box 4028 Sydney NSW 2001

Website www.anz.com

Documents

Product Disclosure Statement – Insurance Guide · and TPD cover, you should receive an Insurance Guide – Death and Total and Permanent Disablement Cover for Employer Sponsored