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Improved service delivers savings to members

New Additional Death and Invalidity Cover starts 1 June 2003

From 1 June 2003, members seeking Additional Death and Invalidity Cover (ADIC), and members who already have additional cover, will enjoy significantly lower premiums.

This improvement follows a review by ComSuper, in conjunction with an insurance consultant, which showed that there where other providers of group insurance in the market place that could provide improved administration arrangements and significant premium savings both to members and employers.

Based on the results of this review and subsequent tendering process, the Public Sector Super (PSS) Board chose American International Assurance (AIA) to provide ADIC for members.

This improvement is driven by the commitment of the PSS Board and its administrator ComSuper to continually improve services for members and employers.

AIA will commence providing services from 1 June 2003, the new premiums are due from payday 5 June 2003.

For more information:

A letter advising members, who already have ADIC, of this change has already been sent.

If you would like more information, or are considering taking out ADIC, the Protect Your Family brochure outlines your Additional Death and Invalidity Cover options or you can contact a PSS Information Officer on 1300 000 377.

Additional Death and Invalidity Cover for Public Sector Superannuation Scheme

Annual Premium Rates per $1,000 Benefit
 

Age of Member

  

Rate Per Year

  
 

22

  

0.46

  
 

23

  

0.44

  
 

24

  

0.45

  
 

25

  

0.45

  
 

26

  

0.45

  
 

27

  

0.45

  
 

28

  

0.47

  
 

29

  

0.48

  
 

30

  

0.50

  
 

31

  

0.52

  
 

32

  

0.53

  
 

33

  

0.55

  
 

34

  

0.58

  
 

35

  

0.63

  
 

36

  

0.66

  
 

37

  

0.70

  
 

38

  

0.75

  
 

39

  

0.80

  
 

40

  

0.88

  
 

41

  

0.95

  
 

42

  

1.02

  
 

43

  

1.12

  
 

44

  

1.26

  
 

45

  

1.41

  
 

46

  

1.58

  
 

47

  

1.76

  
 

48

  

1.98

  
 

49

  

2.19

  
 

50

  

2.45

  
 

51

  

2.72

  
 

52

  

3.03

  
 

53

  

3.38

  
 

54

  

3.76

  
 

55

  

4.16

  
 

56

  

4.62

  
 

57

  

5.14

  
 

58

  

5.72

  
 

59

  

6.26

  
 

60

  

6.85