Tasmanian Accumulation Scheme Death and Incapacity Cover

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1 Death and Incapacity Cover Retirement Benefits Fund Tasmanian Accumulation Scheme Death and Incapacity Cover Information in this brochure is current as at 18 January 2012 Retirement Benefits Fund

2 Tasmanian Accumulation Scheme Death and Incapacity Cover Table of contents 2 Tasmanian Accumulation Scheme Death and Incapacity Cover What level of cover? 3 When you re not covered 4 When you are still covered What does it cost? 5 Your Income Protection Insurance Cover 8 Your Life Insurance Cover 11 Who will receive your Death Benefit? 12 Important information about the Insurer Important information The information in this brochure is for members of the Tasmanian Accumulation Scheme. RBF is not licensed to give financial product advice. As this information does not take your personal financial objectives into account, you should consider how this information relates to your own situation and needs. We recommend that you speak with a financial adviser before making any decisions concerning your superannuation and where appropriate, obtain a copy of RBF s most recent Welcome to RBF brochure. The brochure and more information is available on the RBF website or by contacting the RBF Enquiry Line on You can request financial advice from RBF Financial Planning Pty Ltd by contacting us on RBF Financial Planning Pty Ltd (ABN , AFS Licence No ) is a wholly owned subsidiary of RBF and operates as a separate legal entity from RBF. At RBF, we strive to provide accurate and up-to-date information to our members. However, things may have changed since the date of publication of this brochure. Some information may therefore no longer be up-to-date, so you should check our website for the most recent information. Whilst every care has been taken with the information provided in this document, the Retirement Benefits Fund Board reserves the right to correct any errors or omissions. If there is a discrepancy between the information contained in this document, the governing legislation, the Trust Deed and the terms and conditions of the Group Insurance Policies will be the final authority. The privacy of your personal information is important to RBF. We understand the need for confidentiality. RBF will hold your personal information securely and use it only for the purposes described in the RBF Privacy Policy available at On the cover Robin (Registered Nurse), RBF member Your personal information, including sensitive health information, may be transferred between RBF, RBF s Administrator Mercer Outsourcing (Australia) Pty Ltd (ABN ). Australian Financial Services Licence #411980, RBF Financial Planning Pty Ltd (ABN ) and the Colonial Mutual Life Assurance Society Limited (ABN ) trading as CommInsure, the Insurer. Certain personal information which you provide to RBF may be provided to your employing agency. RBF will not, however, provide your benefit entitlement information to your employer. Service providers such as the Administrator and the Insurer may obtain or access your personal information on behalf of RBF (for example, collection of information relevant to assessment of applications to increase insurance cover or collection of information relevant to the assessment of applications for payment of insured benefits). The privacy of your personal information is protected by confidentiality and privacy agreements between RBF and each service provider.

3 Tasmanian Accumulation Scheme Death and Incapacity Cover 1 Make sure your finances are set-up to your advantage not just your superannuation, but all of your personal finances. Stephen (Principal), RBF member With Tasmanian Accumulation Scheme Death and Incapacity Cover you will: be covered 24 hours a day, seven days a week be covered for all incapacity and illness even if they are not work related receive up to 75% of your salary for up to two years if you are incapacitated but are likely to recover receive a lump sum if you have to retire permanently through ill health receive basic (100%) Death, Terminal Illness, Permanent Incapacity Insurance Cover and Temporary Incapacity Insurance Cover without having to provide any medical evidence regarding your health (subject to eligibility criteria) receive a lump sum if you have a terminal illness leave a death benefit for your spouse, registered carer or estate if you die. You can choose a level of cover to suit your circumstances. To increase your level of cover, please complete the Tasmanian Accumulation Scheme Adjusting your insurance cover form which is available from

4 2 Tasmanian Accumulation Scheme Death and Incapacity Cover Tasmanian Accumulation Scheme Death and Incapacity Cover If you are a public sector employee under age 60 and your public sector employer pays Superannuation Guarantee (SG) contributions to your Investment Account, you will automatically be provided with basic (100%) Death, Terminal Illness, Permanent Incapacity Insurance Cover and Income Protection (Temporary Incapacity) Insurance Cover without having to provide any medical evidence regarding your health. You are not eligible for automatic insurance cover if you have previously received Permanent, Partial and Permanent or Terminal Illness Benefits from RBF. RBF s Income Protection Insurance Cover provides for the payment of a Temporary Incapacity Pension of up to 75% of your salary for up to two years in the event that you are unable to work as a result of sickness or injury which causes you to be totally disabled or partially disabled but not totally and permanently disabled. The premium for basic (100%) insurance cover is 6.12% of your public sector employer s Superannuation Guarantee contribution and is deducted when the contribution is paid into your Investment Account. RBF s Life Insurance Cover provides an insured lump sum benefit in the event of your: death diagnosis of a terminal illness permanent incapacity. What level of cover? The level of cover you need depends on your personal or family circumstances. If you only have basic cover, the potential benefit might not meet your needs. By increasing your level of cover, you increase the insured component of your potential Death, Terminal Illness or Permanent Incapacity Benefit. If you retire due to diagnosis of a terminal illness or permanent incapacity you will have an increased retirement benefit and if you die, your dependants will receive a greater benefit. Changing your level of cover does not affect your Temporary Incapacity Pension. If you qualify for a Temporary Incapacity Pension, this will still be up to 75% of your salary for up to two years. Any increase in cover is subject to acceptance of underwriting by the Insurer. The Insurer may impose specific individual exclusions, restrictions and conditions in relation to the increased cover. The example below shows how your Death, Terminal Illness and Permanent Incapacity Benefit increases with the level of cover selected. Bev is 36 years old and has an annual salary of $42,000pa. The insured component of Bev s Death, Terminal Illness and Permanent Incapacity Benefit is calculated by using a formula that has regard to: Bev s prospective service to age 60 at the date of disablement or death; Bev s salary ($42,000pa); Bev s level of cover; and the Superannuation Guarantee contribution rate (the rate is 9%). In addition to the insured component of her benefit, Bev s total Death, Terminal Illness and Permanent Incapacity Benefit would include the balance of her Investment Account which is $14,500. If Bev had basic Death and Incapacity Cover the insured component of her Death, Terminal Illness and Permanent Incapacity Benefit would be $90,720, providing a total benefit of $105,220. If Bev had 200% of basic cover, the insured component of her Death, Terminal Illness and Permanent Incapacity Benefit would be $181,440, providing a total benefit of $195,940.

5 Tasmanian Accumulation Scheme Death and Incapacity Cover 3 The table below shows how Bev s Death, Terminal Illness and Permanent Incapacity Benefit will vary depending on her level of insurance cover. Balance of Investment Account Level of cover Insured component of Death, Terminal Illness and Permanent Incapacity Benefit (level of cover x salary x Superannuation Guarantee rate x prospective service) Final benefit (balance + prospective service component) $14,500 50% of basic cover 0.5 x $42,000 x 9% x 24* = $45,360 $59,860 $14, % of basic cover 1.0 x $42,000 x 9% x 24* = $90,720 $105,220 $14, % of basic cover 1.5 x $42,000 x 9% x 24* = $136,080 $150,580 $14, % of basic cover 2.0 x $42,000 x 9% x 24* = $181,440 $195,940 $14, % of basic cover 2.5 x $42,000 x 9% x 24* = $226,800 $241,300 $14, % of basic cover 3.0 x $42,000 x 9% x 24* = $272,160 $286,660 * Prospective service is 24 years and is in actual days to age 60 divided by 365. If you have adequate alternative cover, you can apply to cancel your Death and Incapacity Cover. If you cancel your cover, you cancel all insurance cover in your Investment Account. To vary your level of cover, or cancel your cover, complete the Tasmanian Accumulation Scheme Adjusting your insurance cover form, which is available from When you re not covered Unless you re receiving a Temporary Incapacity Pension, or are in receipt of regular benefits paid in accordance with the Workers Rehabilitation and Compensation Act 1988, your Death and Incapacity Cover ceases on the earliest of the following dates: 12 months after RBF receives the last Superannuation Guarantee contribution from your employer if you have been on sick leave without pay or parental leave; or four months after RBF receives the last Superannuation Guarantee contribution from your employer; or the day after you cease employment with your public sector employer; or the day you cease to be a member of the Tasmanian Accumulation Scheme; or if you exercise choice of fund and join an alternative superannuation fund or RSA; or on the day you reach your 60th birthday; or on the date an insured Terminal Illness or Permanent Incapacity Benefit becomes payable to you in accordance with the Trust Deed; or on your death; or on the day RBF receives your application to cancel your cover; or 30 days after the date your account balance reaches zero. Pandemic illness exclusion You are not entitled to the payment of an insured Death Benefit if: on the date your insurance cover commences, recommences or increases, you are suffering from a pandemic illness which is the subject of a notice issued by the Insurer to RBF; and you die from the pandemic illness within 30 days of your insurance cover commencing, recommencing or increasing (but only the increased benefit is not payable). The pandemic illness exclusion ceases to apply after the expiry of the 30 day limitation period and does not impact your Permanent Incapacity or Temporary Incapacity Benefits. If you elected to cancel your Tasmanian Accumulation Scheme Death and Incapacity Cover, you may re-apply, subject to acceptance by the Insurer.

6 4 Tasmanian Accumulation Scheme Death and Incapacity Cover When you are still covered You remain covered when: you are receiving a Temporary Incapacity Pension; or you have returned to work immediately after receiving a Temporary Incapacity Pension; or you are receiving a regular benefit in accordance with the Workers Rehabilitation and Compensation Act Note: For past and present Contributory Scheme members. If you are, or have been a member of the Contributory Scheme, you are not covered under the Tasmanian Accumulation Scheme if you have previously received an Invalidity Benefit under the Contributory Scheme. If you are unsure whether you are a member of Tasmanian Accumulation Scheme or the Contributory Scheme, check your Member Benefit Statement or call the RBF Enquiry Line on RBF has a separate brochure on Death and Incapacity Cover for members of the Contributory Scheme. What does it cost? The cost of basic Death and Incapacity Cover is 6.12% of your Superannuation Guarantee contribution. RBF deducts your Death and Incapacity insurance premium from your Investment Account when your employer Superannuation Guarantee contribution is received by RBF. You can decrease and increase (subject to acceptance by the Insurer) your level of cover from 50% to 300% of the basic cover, or you can elect not to have any Death and Incapacity Cover. RBF deducts the premium from your Investment Account for the level of cover you choose. Death and Incapacity Cover premium rates are subject to regular review. Level of Death and Incapacity Cover 0% (no cover) 0.00% 50% of basic cover 3.62% 100% of basic cover (default cover) Cost as a percentage of your employer Superannuation Guarantee contribution Employer Superannuation Guarantee contribution rate for is 9% of your salary 6.12% 150% of basic cover 8.62% 200% of basic cover 11.12% 250% of basic cover 13.62% 300% of basic cover 16.12% Example Colin earns $52,000pa ($2,000 per fortnight) and his employer contributes $4,680pa being his 9% Superannuation Guarantee contribution. Colin has basic Death and Incapacity Cover. RBF will deduct $11.02 per fortnight ($286.42pa) from his Investment Account for the cost of his cover. This is calculated as follows: 6.12% x $4,680 = $286.42pa $286.42pa 26 = $11.02 per fortnight

7 Tasmanian Accumulation Scheme Death and Incapacity Cover 5 Your Income Protection Insurance Cover RBF s Income Protection Insurance Cover provides for the payment of a Temporary Incapacity Pension of up to 75% of your salary for up to two years in the event you are unable to work due to the existence of a sickness or injury that causes you to be totally disabled or partially disabled but not totally and permanently disabled. The Temporary Incapacity Pension is paid monthly in arrears for up to two years. Continued payment of the Temporary Incapacity Pension is subject to the completion and outcomes of regular medical and income reviews. A Temporary Incapacity Benefit is payable if you are totally disabled or partially disabled after the benefit waiting period of 30 days sick leave without pay. Totally disabled You are considered to be totally disabled if, because of illness or injury, you are: unable to perform at least one income producing duty of your own occupation; under the regular care of, and following the advice of a medical practitioner; and not working in any occupation, whether or not for reward. Partially disabled You are considered to be partially disabled if, because of illness or injury: you were totally disabled for at least 14 days; you were unable to work in your own occupation at full capacity immediately after you became totally disabled because of the illness or injury that caused your total disability; you are working in your own occupation in a reduced capacity or working in another occupation; you earn an amount that is less than your monthly pre-disability income; and you are under the regular care of, and following the advice of a medical practitioner. Chantal (Registered Nurse), RBF member Your salary To calculate an Incapacity Benefit, RBF uses your reported salary for the 12 months immediately preceding the date RBF determines you are totally disabled or partially disabled. If during this period, your salary is reduced as a result of: periods of approved leave without pay; or periods when you were in receipt of benefits paid in accordance with the Workers Rehabilitation and Compensation Act 1988; or a reduction in full-time equivalent hours, approved by your employer, as a result of your ill health. RBF will, on the advice of your employer, calculate an annual equivalent salary. If you have been employed for less than 12 months, RBF will, on the advice of your employer, calculate an annual equivalent salary.

8 6 Tasmanian Accumulation Scheme Death and Incapacity Cover What happens when I m receiving a Temporary Incapacity Pension? Maintaining superannuation Your employer does not make contributions into your Investment Account while you are receiving a Temporary Incapacity Pension. You can make personal contributions to your Investment Account to help maintain your super. Keeping your job Your employer is not obliged to make your position available to you when your Temporary Incapacity Pension ceases. You will, however, remain an employee with that employer. You should raise any queries about your job with your employer. Important A Temporary Incapacity Pension paid by RBF will cease if you terminate your public sector employment for any reason. Medical reviews Payment of your Temporary Incapacity Pension is conditional upon you: being under the regular care of, and following the advice of a medical practitioner; completing and submitting regular progress certificates: one is to be completed by you or your legal personal representative; and one is to be completed by your treating medical practitioner; undergoing any medical or other examination and providing the results, medical reports and any other information to RBF and the Insurer that the Insurer may reasonably require during the continued assessment of your claim; and complying with any medical treatment or rehabilitation program that is reasonable. Continued assessment is necessary to determine whether: you continue to be eligible to be paid a Temporary Incapacity Pension; or your health has improved and you are capable of working; or you should retire because you are eligible to receive a Permanent Incapacity Benefit. Receiving other income If you receive other income, such as workers compensation payments or income from paid work while you are on a Temporary Incapacity Pension, you must notify RBF immediately as this may affect your pension. Reduction or suspension of your Temporary Incapacity Pension Disability income Your monthly Temporary Incapacity Pension is subject to regular income reviews and may be reduced on a dollar for dollar basis where you receive, or are entitled to receive any of the following forms of disability income: income derived from you engaging in any business or occupation (other than with your public sector employer); any income from any other insurance policy that provides payments on disability 2 ; you receive income compensation payments under workers compensation legislation or Motor Accidents Compensation legislation in excess of 25% of your pre-disability salary. That is, if the combined workers compensation or motor accident compensation payments plus your Temporary Incapacity Pension exceeds 100% of your pre-disability salary, your Temporary Incapacity Pension will be reduced 2 ; any income which, in the opinion of the Insurer you could reasonably be expected to earn in your occupation while disabled 3 ; or you have recovered from your total or partial disability so as to be able to undertake gainful employment in an occupation for which you are reasonably qualified by education, training or experience. 2 Any income commuted to a lump sum payment you receive will, for the purposes of the reduction, be treated as a series of 60 monthly payments with each monthly payment equal to 1/60th of the lump sum. 3 Where you are assessed as able to return to work in a reduced capacity, and that work is unavailable with your employer, the benefit offset calculated above will be zero.

9 Tasmanian Accumulation Scheme Death and Incapacity Cover 7 Chad (Custodial Officer), RBF member Income from your public sector employer Your Temporary Incapacity Pension may be reduced or suspended on a proportional basis where you are partially disabled and you are, or could be, earning income from your public sector employer. In that instance, your Temporary Incapacity Pension is proportionally reduced in accordance with the following formula. Partial monthly benefit reduction amount = Current income/pre-disability monthly income x monthly Temporary Incapacity Pension Where current income is Where pre-disability monthly income is Where monthly Temporary Incapacity Pension is 75% of salary divided by 12 Where salary is The income the insured member earned working for their public sector employer during the month. Your pre-disability monthly income from your public sector employment. This is equal to your reported salary for the last 12 months prior to you ceasing to work because of your incapacity divided by 12. Your reported salary for the 12 months immediately preceding the date RBF determines you are totally disabled or partially disabled. If during this period, your salary is reduced as a result of: periods of approved leave without pay; or periods when you were in receipt of benefits paid in accordance with the Workers Rehabilitation and Compensation Act 1988; or a reduction in full-time equivalent hours, approved by your employer, as a result of your ill health; RBF will, on the advice of your employer, calculate an annual equivalent salary. If you have been employed for less than 12 months, RBF will, on the advice of your employer, calculate an annual equivalent salary. Recurrent disability If you become totally disabled or partially disabled again from the same or related cause within six months of you last receiving a Temporary Incapacity Benefit, this will be treated as a continuation of the original claim and the benefit waiting period will not apply. The subsequent periods of disability will be added to the original claim to determine when the two year benefit payment period ends. If after six months of your return to work you are again disabled, you will be required to make a new claim for benefit payment. The benefit waiting period and a new benefit payment period of up to two years will apply.

10 8 Tasmanian Accumulation Scheme Death and Incapacity Cover Your Life Insurance Cover RBF s Life Insurance Cover provides an insured lump sum benefit in the event of your: death diagnosis of a terminal illness permanent incapacity. Your Death, Terminal Illness or Permanent Incapacity Benefit is the balance of your Investment Account(s) plus your insured lump sum benefit. If you are retired on the grounds of permanent incapacity or terminal illness you may choose to: leave all or part of your benefit in your Investment Account; cash all or part of your benefit as a lump sum payment; purchase an Allocated Pension; purchase a Life Pension (if you were a member of RBF before 15 May 1999); or do any combination of the above. Insured component If you have insurance cover, the insured lump sum component of your Death, Terminal Illness or Permanent Incapacity Benefit is calculated in accordance with a formula that considers: your salary; your level of Death and Incapacity Cover; the number of days from the date of disablement to your 60th birthday; the employer Superannuation Guarantee contribution rate. Your salary To calculate your benefit, RBF uses your reported salary for the 12 months immediately preceding death, or the date of disablement in the case of terminal illness or permanent incapacity. If you have been in receipt of a Temporary Incapacity Pension during this period, RBF will, on the advice of your employer, calculate an annual equivalent salary as if you had continued to be employed in your usual capacity. If, during the 12 months immediately preceding death or date of disablement in the case of terminal illness or permanent incapacity, your salary is reduced as a result of: periods of approved leave without pay; or periods when you were in receipt of benefits paid in accordance with the Workers Rehabilitation and Compensation Act 1988; or a reduction in full-time equivalent hours, approved by your employer, as a result of your ill health; RBF will, on the advice of your employer, calculate an annual equivalent salary. If you have been employed for less than 12 months, RBF will, on the advice of your employer, calculate an annual equivalent salary. Level of Death and Incapacity Cover Your level of Death and Incapacity Cover is the level of cover in force at the date of your claim for payment of insured benefits. (See page 7 for an example of how your benefit is calculated.) IMPORTANT Your Death, Terminal Illness and Incapacity Cover ceases on termination of your public sector employment. If you terminate your public sector employment prior to lodging your application for payment of insured benefits or before RBF has determined that you are eligible to be paid the insured benefits, you will not be eligible to be paid an insured benefit because you will not have any insurance cover.

11 Tasmanian Accumulation Scheme Death and Incapacity Cover 9 Permanent Incapacity You are considered to be totally and permanently disabled if you were: employed by your public sector employer immediately before the date of disablement; and aged 60 years or less on the date of disablement; and as a result of ill health, whether physical or mental, absent from work from the date of disablement and on the basis of satisfactory medical and other evidence, the Insurer considers that you are unlikely, because of ill health, to ever again to engage in gainful employment. Gainful employment means: if immediately before the date of disablement you were employed by your public sector employer on a full time or part time basis, in any occupation for which you are reasonably qualified by education, training or experience. The date of disablement means the later of: the date on which a medical practitioner examines you and certifies in writing that you are suffering from the illness or injury that is the principal cause of your disablement; and the date you are unable to carry out all identifiable duties. If you participate in a rehabilitation program and are incapable of returning to work within 12 months from the date that you commenced your absence from work, the date of disablement is the date that would have applied if you had not participated in the rehabilitation program. The date of disablement must occur while you are insured for total and permanent disablement. I trust RBF with my financial future, and that security is important to me and my family. Olwen (Project Officer), RBF member Terminal illness You will qualify for a Terminal Illness Benefit if: two registered medical practitioners have certified that you suffer from an illness, or injury that is likely to result in your death within a period (the certification period) that ends not more than 12 months after the date of the certification; at least one of the registered medical practitioners is a specialist practising in an area related to the illness or injury you suffer; for each of the certificates, the certification period has not ended; and the Insurer is satisfied from the medical or other evidence, and despite reasonable medical treatment, the terminal illness is likely to lead to your death within 12 months of the date of the certification. The terminal illness must be diagnosed and certification must occur while you are insured for terminal illness.

12 10 Tasmanian Accumulation Scheme Death and Incapacity Cover Workers compensation While you are still employed and receiving workers compensation payments you have Death and Incapacity Cover. Workers compensation payments may be classed as salary when calculating an RBF benefit and are separate from any payments from RBF. If you terminate your employment as a result of a workers compensation settlement, this will affect your RBF benefit. In this case, you will be ineligible to: apply for an Incapacity Benefit; and/or receive an Incapacity Benefit on the basis of an application made prior to termination of your employment, if you have not accepted the decision prior to terminating your employment. A Temporary Incapacity Pension paid by RBF may be reduced or suspended while you are receiving any workers compensation payments and will stop if you terminate your public sector employment for any reason. When and how do I apply? You should apply for payment of an Incapacity Benefit (including terminal illness) if you have a medical condition and are incapable of work. How? You need to contact RBF and we will provide you with the appropriate forms for claiming insured benefits. In the case of terminal illness or incapacity you will be required to complete: a Claimant s Statement ; your medical practitioner or practitioners will be required to complete a Medical Attendants Statement in relation to your medical condition(s) at your cost; your employer is required to complete an Employer Statement. What next? When we receive your completed application, we will lodge a claim for payment of insured benefits with our Insurer who will then assess your claim. The Insurer may (at its own expense) arrange for you to be examined by a registered medical practitioner. RBF assessment RBF will independently assess your eligibility for payment of Permanent Incapacity Benefit, Temporary Incapacity Benefit and Terminal Illness Benefit. If necessary, RBF may also arrange for you to be examined by a registered medical practitioner at RBF s own expense. RBF s assessment has regard to: medical and other relevant information provided or obtained in the assessment of your claim for benefit payment; the terms and conditions of the Group Life Insurance Policy or Group Income Protection Insurance Policy; and Tasmanian Accumulation Scheme rules and government legislative requirements. In the case of permanent incapacity or terminal illness, your employer must then agree to your retirement on the grounds of permanent incapacity or terminal illness. RBF will notify you in writing of its preliminary decision. If you do not accept this decision, you must write to RBF within 21 days of receiving the notification. If RBF approves your application you will be granted a Temporary Incapacity Pension or a Terminal Illness or Permanent Incapacity Benefit. RBF will not start paying you a Temporary Incapacity Pension until you have been absent from work on sick leave without pay for a continuous period of 30 days. If you apply for an Incapacity Benefit you must remain a public sector employee. You should not resign until you know and accept the outcome of your application. If you disagree with the preliminary decision you can apply to have it reviewed. If you have any recent, relevant, additional information to support your application for review, you should provide this to RBF. You are responsible for the cost of any additional information. If, after the review, RBF confirms its preliminary decision, you can request a hearing before the Board.

13 Tasmanian Accumulation Scheme Death and Incapacity Cover 11 Who will receive your Death Benefit If you die before you retire, a Death Benefit will be paid to your surviving spouse or your registered carer, unless you have registered a valid election with RBF to have all or part of your benefit paid to your estate. For RBF purposes, surviving spouse means your widow or widower and includes a person with whom you were in a significant relationship within the meaning of the Relationships Act 2003, but only where that person was living on a genuine domestic basis with you at the time of your death or in receipt of significant financial support from you. Under the Relationships Act 2003, a significant relationship is between two adults who: have a relationship as a couple; and are not married to one another or related by family, as defined in the Relationships Act If you do not have a spouse at the time of death but have a registered carer, your Death Benefit is payable to your registered carer. Registered carer means a person, other than a surviving spouse, with whom you were in a caring relationship, which was subject to a deed of relationship registered under Part 2 of the Relationships Act If you do not have a surviving spouse or a registered carer, the Death Benefit is payable to your estate. You should note that a Death Benefit paid to your estate is taxed differently to a Death Benefit paid to your surviving spouse. You may wish to seek advice from your lawyer or a financial adviser before making an election. Marc (Electrical Engineer), RBF member How to apply and how is it paid? If an RBF member with Death and Incapacity Cover dies, your surviving spouse, registered carer or their Legal Personal Representative should contact RBF. A Legal Personal Representative is the executor of a Will or administrator of the estate of a deceased person, the trustee of the estate of a person under a legal incapacity or a person who holds an enduring Power of Attorney granted by the member in relation to the member s RBF superannuation. If the benefit is paid to your surviving spouse, your surviving spouse may choose to: cash all or part of the lump sum payment; purchase an Allocated Pension; purchase a Life Pension (if you were a member of RBF before 15 May 1999); or do any combination of the above. If the benefit is paid to the estate, it must be paid as a lump sum.

14 12 Tasmanian Accumulation Scheme Death and Incapacity Cover Important information about the Insurer RBF has appointed the Colonial Mutual Life Assurance Society Limited (ABN ) trading as CommInsure (the Insurer) to provide Life and Income Protection (Temporary Incapacity) Insurance Cover to eligible members of the Tasmanian Accumulation Scheme. The RBF Board as trustee of the Tasmanian Accumulation Scheme owns a Group Life Insurance Policy and a Group Income Protection Insurance Policy issued and underwritten by the Insurer. RBF provides insurance cover to eligible members subject to the terms and conditions of the relevant Group Insurance Policies and the Tasmanian Accumulation Scheme governing rules. RBF is responsible for enforcing rights, remedies and benefits under the Group Insurance Policies for the benefit of insured members. If for any reason the Insurer limits, restricts or refuses to consider, defers or denies an insurance claim in whole or in part, your potential benefit may be adjusted to take account of the reduction or nonpayment of insurance proceeds. More information If you think you don t have enough Death and Incapacity Cover or you need more information, you can make an appointment with one of our Superannuation Consultants by calling the RBF Enquiry Line on To vary your cover, complete the Tasmanian Accumulation Scheme Adjusting your insurance cover form available from Related documentation Tasmanian Accumulation Scheme Adjusting your insurance cover form Member Benefit Statement

15 Tasmanian Accumulation Scheme Death and Incapacity Cover 13

16 Contacting RBF Contact RBF if you would like additional information or assistance. RBF Enquiry or Line: (international) Visit: Fax: (03) or (international) Write: RBF, Reply Paid 446, Hobart TAS 7001 Offices: 39 Sandy Bay Road, Hobart Level 1, 87 George Street, Launceston RBF14636_TAS death-incapacity brochure_1211 AC/B/00224 (V3-01/12) Issued by Retirement Benefits Fund Board ABN as Trustee for Retirement Benefits Fund (RBF) ABN

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