Important changes to BT Protection Plans: disclosure document and form updates

On 1 April 2024, the BT Protection Plans Product Disclosure Statement (PDS), BT Reserve Reference Document and corresponding forms will be updated. The updates are primarily driven by the Successor Fund Transfer (SFT) of Term Life as Super (TLAS), Income Protection as Super and Income Protection Assured as Super (IPAS) insurance members.

These members will be transferred from BT Funds Management Limited (BTFM) as trustee for Asgard Independence Plan (Division Two Fund) to Mercer Superannuation (Australia) Limited (MSAL) as trustee for TAL Super, a plan within the Retail Division of the Mercer Super Trust (MST Fund), effective 1 April 2024.

A number of updates have also been made to the disclosure documents in conjunction with these changes.

What you need to know

From 1 April 2024:

  • the BT Protection Plans PDS and TMD will be updated. Advisers will need to ensure the correct disclosure documents are used and referenced from this date
  • a new TAL Super PDS for TLAS and IPAS will be available for all Policy holders with details of the Superannuation membership they hold within the TAL Super Fund, following the SFT
  • A 90-day grace period will apply to TLAS/IPAS forms, except for the Notice of intent to claim a deduction for personal super contributions for the 2022/23 financial year.

All Notice of intent to claim a deduction for personal super contributions must be submitted by 19 March 2024, otherwise the customer will need to complete a new form, referencing the Mercer trustee and Mercer Super Trust fund details. A new form is available by calling the Customer Service Team on 1300 553 764.

To ensure you’re using the latest forms, documents and terms, please delete any locally stored versions and refer to the TAL Adviser Centre (TAC) for the most up-to-date forms from 1 April 2024. Use the search bar after logging in to find specific forms.

Back to top