Change of trustee and fund for your clients’ Term Life as Super and Income Protection as Super insurance cover
We are continually focused on improving the outcomes for members. With that in mind, on or around 1 April 2024, the trustee for the Term Life as Superannuation (TLAS), Income Protection as Superannuation and Income Protection Assured as Superannuation (IPAS) products will change from BT Funds Management Limited (BTFM) to Mercer Superannuation (Australia) Limited (MSAL).
After the transfer of the TLAS and IPAS products from the Retirement Wrap super fund to Asgard Independence Plan Division 2 super fund in April 2023, we reviewed the current arrangements for these products.
During the review we identified that an alternative trustee would provide members access to a superannuation fund with greater scale and expertise in the management of insurance-only superannuation products.
As part of this change, the superannuation fund for TLAS and IPAS products will also change from the Asgard Independence Plan Division Two fund (Division Two fund) to TAL Super within the Mercer Super Trust (MST fund) as part of a Successor Fund Transfer (SFT).
What does this mean for my clients?
The SFT won’t impact your clients’ insurance cover or the terms and conditions that apply. Any premium payment arrangements that are currently in place will continue after the SFT, unless you or your clients advise us otherwise.
If your client has an existing ongoing rollover arrangement in place, MSAL has confirmed this will continue after the transfer and there’s nothing you need to do.
We’ll contact your clients by mail from 18 January 2024 and let them know what this transfer will mean for their accounts.