ACSRF offers more insurance options and improved flexibility
The Australian Catholic Superannuation & Retirement Fund (ACSRF), Australia’s largest Catholic superannuation provider, has improved its insurance offering for members to provide greater benefits and flexibility without increasing premiums.
|Mr Greg Cantor.|
ACSRF chief executive Greg Cantor said the changes would give members more options when it comes to their insurance, as well as the ability to take advantage of special offers to increase their cover if they need it.
“We’re delivering an enhanced suite of products to our members for the same low price they’re used to,” he said. “Australia is one of the most underinsured countries in the developed world. We hope these changes will have a positive effect in helping to reduce the size of this problem.”
Under the changes, the dollar value for each unit of Death and Total and Permanent Disablement (TPD) cover has increased between 8% and 28%, depending on age, with the cost per unit remaining the same.
Members can increase their coverage without underwriting during a special offer period and are able to choose either age-based unitised or fixed-rate cover. Cover has also been extended from age 65 to 70.
ACSRF has increased the income protection benefit from 75% to 85% of salary. Claimants will receive the majority (75/85ths) of their benefit in a lump-sum payment with the remaining 10/85ths now being directed to their superannuation account.
“The Trustees of the Fund want to make sure members’ superannuation is looked after even when they’re ill,” Mr Cantor said. “It’s just another way we’re helping our members prepare for a comfortable retirement.”
ING is continuing to underwrite the insurance and has provided the improved cover because of the fund’s favourable claims experience with the insurer.
Detailed information on the changes can be found online at www.catholicsuper.com.au and in the fund’s Product Disclosure Statement and Insurance fact sheet (available online from 1 July 2010)
New Chairman appointed
Richard Haddock has been appointed the next Chairman of ACSRF, effective 1 July 2010. Richard replaces Br Kelvin Canavan FMS AM, who has been a member of the Trustee Board since 1993 and Chair for the past three years. The fund currently has nearly 90,000 members and $3.9 billion assets.
Mr Haddock commenced his professional life as a lawyer with Blake Dawson Waldron. He then spent a great part of his career with BNP Paribas and was Deputy General Manager of the Australian operation at the time of his departure.
Mr Haddock is on the boards of several organisations. He is Chairman of Commonwealth Managed Investments Ltd, and CatholicCare. He is a director of Tishman Speyer Australia Ltd and Retirement Villages Group Ltd. He is honorary treasurer and a national director of Caritas Australia.
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