Important changes to insurance

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1 Important changes to insurance Effective 1 July 2013 rest.com.au

2 Contents Why have these changes been made? 2 New cover levels 2 New insurance costs 5 Access to higher cover under the new design 5 Product enhancements 6 Glossary of terms 8 As people get older, life changes can include things like finding a partner, having children and taking on the responsibility of a mortgage. With these changes often comes increased financial commitments, where there is a need for a corresponding increase in the level of insurance cover. REST s insurance cover is designed to change as your life does. It is designed to protect you through your working life, without your active involvement, so the level of cover changes as your life changes. Our unique Life stage approach for Death cover provides lower levels of cover when you are not likely to need as much, and higher levels when you are more likely to need more cover. A key feature of our insurance design is long term Income Protection (IP). This will help to protect you for a lot longer if you suffer from a serious disablement, up to age 60, by paying Income Protection and super benefits to both you and your REST Super account (a two year benefit period up to age 65 applies if your waiting period ends on or after age 58). Why have these changes been made? In order to keep REST s insurance cover relevant to our typical members needs at different life stages, the cover levels and benefits need to be reviewed from time to time. Following an extensive review, it was established that Death and Income Protection cover levels need to increase for members aged 25 and over. Total and Permanent Disablement (TPD) cover levels remain appropriate. New cover levels The following graphs and tables illustrate the new cover scales compared to the current cover scales. Death Cover (5 units of Basic 350, ,000 Current sum insured New sum insured ($ level of cover) 250, , , ,000 50, ( last birthday) 2 2,500 Current sum insured New sum insured

3 50, New cover levels (continued) ( last birthday) Income Protection Cover (5 units of Basic IP Cover) 2,500 Current sum insured New sum insured ($ level of cover per month) 2,000 1,500 1, ( last birthday) (last birthday) Death Cover 1 Jan 13 (1 unit of Basic Death Cover ($ level of cover) Death Cover 1 Jul 13 (1 unit of Basic Death Cover 1 Jan 13 (5 units of Basic Death Cover 1 Jul 13 (5 units of Basic Up to 17 7,300 7,300 36,500 36, ,200 12,200 61,000 61, ,100 17,100 85,500 85, ,500 19,500 97,500 97, ,400 24, , , ,600 25, , , ,000 28, , , ,400 30, , , ,900 43, , , ,000 47, , , ,900 51, , , ,200 53, , , ,400 54, , , ,600 57, , , ,800 59, , , ,000 61, , , ,200 62, , , ,500 64, , , ,700 64, , , ,900 64, , , ,100 65, , , ,100 66, , , ,100 67, , , ,100 68, , , ,500 67, , , ,900 66, , , ,300 65, , , ,700 65, , , ,200 63, , , ,700 62, , , ,000 61, , , ,100 53, , , ,900 51, , , ,400 48, , ,500 Important changes to insurance ,000 45, , , ,600 38, , ,500

4 New cover levels (continued) (last birthday) Death Cover 1 Jan 13 (1 unit of Basic Death Cover ($ level of cover) Death Cover 1 Jul 13 (1 unit of Basic Death Cover 1 Jan 13 (5 units of Basic Death Cover 1 Jul 13 (5 units of Basic 48 46,200 60, , , ,500 60, , , ,300 54, , , ,100 53, , , ,900 51, , , ,400 48, , , ,000 45, , , ,600 38, , , ,900 34, , , ,300 30, , , ,200 23, , , ,600 16,100 73,000 80, ,800 11,700 49,000 58, ,900 5,900 24,500 29, ,500 3,000 12,500 15,000 (last birthday) IP Cover 1 Jan 13 (1 unit of Basic IP Cover) Income Protection Cover ($ level of cover per month) IP Cover 1 Jul 13 (1 unit of Basic IP Cover) IP Cover 1 Jan 13 (5 units of Basic IP Cover) IP Cover 1 Jul 13 (5 units of Basic IP Cover) Up to ,350 1, ,550 2, ,650 2, ,850 2, ,100 2, ,850 2,300 TPD cover levels remain appropriate and have not changed. (last birthday) Total and Permanent Disablement Cover ($ level of cover) TPD Cover 1 Jan 2013 / 1 Jul 2013 (1 unit of Basic TPD Cover) TPD Cover 1 Jan 2013 / 1 Jul 2013 (5 units of Basic TPD Cover) Up to 17 7,300 36, ,200 61, ,800 49, ,900 24, ,500 12,500 4

5 New insurance costs As an industry super fund with around two million members, REST is able to purchase insurance cover for our members under a group arrangement with our insurer, AIA Australia 1, at wholesale rates. Insurance costs are determined, amongst other things, on the benefit design (cover levels and features such as long term Income Protection) and a review of the past claims experience of REST s members. This ensures members are charged a fair premium for the death and disability risks covered by REST and its insurer. Other factors such as benefit enhancements (see below) and higher cover levels have also impacted on insurance costs. The Basic Default Cover current and new insurance costs are as follows: Weekly ($) cost of Basic Default Cover (5 Units of Basic Death Cover, Basic TPD Cover and Basic IP Cover) Current New from 1 July 2013 (last birthday) Death TPD IP Total Death TPD IP Total to N/A N/A AIA Australia Limited ABN , AFSL The insurance costs for Voluntary Cover are also increasing for most ages and cover types at 1 July 2013 (43% to 50% increase for Death Cover, 0% to 50% increase for TPD Cover and 4.7% to 5.2% for Income Protection Cover). Visit to access the new REST Super Insurance Guide (effective 1 July 2013) containing the new insurance costs for Basic Cover and Voluntary Cover. These increases have been factored into your own cost comparison shown in the letter accompanying this brochure. Next indexation of benefits and costs An existing feature of our design is to keep up with the cost of living. Each year, the level of Basic Death Cover, Basic TPD Cover and Basic IP Cover is increased (indexed) by 5%. As a result of the increase in cover, insurance costs for this cover increase by 4.5% each year. This has happened every 1 January in the past from 2010 to However, as most cover levels increase at 1 July 2013, the next indexation will take place at 1 January Access to higher cover under the new design Access to the higher Death and Income Protection cover under the new design is automatically provided to members currently insured for these benefits without the need for medical evidence. The higher cover applies to new claims with an Incident Date on or after 1 July Claims with an Incident Date before 1 July 2013 will be paid according to the cover scale applying at the claim Incident Date (including members receiving an IP claim payment on or after 30 June 2013). In the case of the higher Terminal Illness cover provided under the new design, access is subject to the following condition which does not apply to Death claims: If you are insured for Death cover, this automatically includes cover for Terminal Illness. If you are not in Active Employment on 1 July 2013, you will be covered at the new cover levels in respect of Terminal Illness for New Events Cover only. This means that your Terminal Illness cover will be based on the number of Basic Death Cover units you hold at the Incident Date and; the new Basic Death Cover table (set out on pages three and four) for New Events Cover; and the current Basic Death Cover table (set out on pages three and four) for cover other than New Events Cover Plus any Voluntary Terminal Illness cover you have at the Incident Date. This restriction to your Terminal Illness cover will cease if you return to Active Employment for two consecutive months and for Incident Dates on and after 1 July The restriction does not apply if you are under age 25 at the Incident Date as Basic Death Cover is unchanged. Case Study Jane is 35 years old. At 1 September 2013, she has 5 units of Basic Death Cover (including Terminal Illness) which under the new design is $322,750. Her death cover (including Terminal Illness) under the current design for 5 units of Basic Death Cover is $243,500. Jane is not in Active Employment on 1 July 2013 due to sickness and has not returned to work since that date. Jane submits a Terminal Illness claim in September On Jane s claim forms, her doctors certify that on 1 September 2013 (her Incident Date) she is unlikely to live beyond 12 months. Jane will be paid the current death sum insured amount of $243,500, as per the current design. Important changes to insurance 5

6 Product enhancements As part of our review, the following product terms have been improved. Reduced Total and Permanent Disablement (TPD) Waiting Period Currently, if you become disabled under part 1 of the TPD definition, you must be disabled and unable to work for 6 months as part of the eligibility conditions. From 1 July 2013, the period required to be off work will reduce to 3 months, meaning you may be entitled to a benefit earlier. The TPD definition is updated for this change as follows: Definition of Total and Permanent Disablement TPD is disablement where the insurer is satisfied on medical or other evidence that an insured member: Part 1 Part 2 Part 3 a. has been absent from employment for three consecutive months because of sickness or injury; and b. is so disabled at the start of those three months and continuously since that time, that the insured member is unlikely to ever engage in any reasonably suitable occupation. In determining whether an occupation is reasonably suitable for an insured member, the insurer considers the skills the insured member has acquired through education, training and experience. If the insured member also has REST IP cover, Voluntary TPD cover claims will not be considered until after completion of any relevant rehabilitation in connection with the IP benefit. The skills, education, training and experience acquired through this rehabilitation will be considered in determining any reasonably suited occupation. OR Where the insured member: suffers the total and permanent loss of the use of: a. two hands*, or b. two feet*, or c. one hand* and one foot*, or d. one hand* and the sight in one eye, or e. the sight in both eyes, or f. one foot* and the sight in one eye. * hand means the whole hand below the wrist and foot means the whole foot below the ankle. OR the insured member has become so disabled by bodily injury or sickness that they will never be able to perform at least two of the following activities of daily living: i. Dressing the ability to put on and take off clothing without assistance # ii. Bathing the ability to wash or shower without assistance # iii. Toileting the ability to use the toilet including getting on and off without assistance # iv. Mobility the ability to get in and out of bed and a chair without assistance # v. Feeding the ability to get food from a plate into the mouth without assistance #. # assistance means with the help of another person. a. has been in Gainful Employment at any time during the 13 months prior to the incident date, they are considered TPD if they meet any one of Part 1, Part 2 or Part 3. b. has not been in Gainful Employment at any time during the 13 months prior to the incident date, they are considered TPD if they meet either of Part 2 or Part 3. For the purposes of the TPD cover, the incident date means, for Part 1, the first day of the three month period referred to in that Part and otherwise, the date on which the member satisfies the definition in Part 2 or 3, as applicable. 6

7 Product enhancements (continued) Increased Maximum Cover limits In addition to Basic Cover, REST provides Voluntary Cover which allows you to apply for higher cover to suit your individual insurance protection needs. From 1 July 2013, the maximum cover levels you can apply for have been increased as follows: Current Level New Level Maximum Death Cover $5m + 7 units of Basic Death Cover Unlimited Maximum TPD Cover $2m + 7 units of Basic TPD Cover $1m + 7 units of Basic TPD Cover (if over 65) $5m + 7 units of Basic TPD Cover $1m + 7 units of Basic TPD Cover (if over 65) Maximum IP Cover $20,000 per month + 7 units of Basic IP Cover $30,000 per month + 7 units of Basic IP Cover Whilst your application for higher insurance cover is being assessed, you will be covered in the event of an accident for the lesser of the amount you are applying for and the below limits: Current Level New Level Maximum Death Cover $500,000 $1,000,000 Maximum TPD Cover $500,000 $1,000,000 Maximum IP Cover $10,000 per month $10,000 per month (unchanged) Increased super benefit whilst you are receiving an Income Protection (IP) benefit The Income Protection design provides you with a monthly income benefit paid to you and a super benefit paid to your REST account while you re on claim to help ensure your retirement savings continue to grow while you are sick or injured. Currently, the super benefit is 9% of the monthly income benefit, reflecting the Superannuation Guarantee contribution rate. Recognising that the Superannuation Guarantee will start increasing gradually from 9% at 1 July 2013 to 12% by 1 July 2019, REST has made a decision to cater for this increase from 1 July Therefore, from 1 July 2013, the super benefit will increase to 12% of your monthly income benefit. For example, if your gross monthly income benefit is $1,000, the super benefit will increase from $90 to $120 per month. You will now get an extra $30 each month into your REST Super account. Note: This new design only applies to new claims with an Incident Date on or after 1 July Improved definition of Partial Disability for Income Protection benefit Our Income Protection benefit provides cover for both total disability and Partial Disability. From 1 July 2013, we are making it easier to qualify for Partial Disability benefits by reducing the period you must be totally disabled and unable to work during the waiting period. For new claims with Incident Dates on or after 1 July 2013, you only need to be totally disabled and absent from work for 7 out of 12 consecutive days during the waiting period (currently this is 14 consecutive days) and, if your disability persists, you may claim Partial Disability benefits from the end of the waiting period. The Partial Disability definition is updated for this change as follows: Definition of Partial Disability If an insured member is partially disabled beyond the end of the waiting period and has been totally disabled for at least 7 out of 12 consecutive days during the waiting period, a partial disability benefit will be payable. This benefit will be a proportion of the full monthly benefit. Partially disabled means that due to the sickness or injury that caused Total Disability, the insured member: a. is unable to perform one or more Important Duties* of his or her own occupation b. is capable of working, whether or not for reward c. is earning a monthly income that is less than his or her Pre-Disability Income, and d. remains under the regular care, attendance and following the advice of a registered medical practitioner in relation to that sickness or injury. * An Important Duty is one that involves 20% or more of the insured member s overall tasks. Important changes to insurance 7

8 Glossary of terms Below is an explanation of terms used throughout this brochure. Active Employment Means being At Work and in the insurer s opinion not being restricted by sickness or injury from carrying out the identifiable duties of your employment, or the duties of your usual occupation each week on a full-time basis, being at least 30 hours per week. At Work Means being employed by a REST employer on a casual, temporary or permanent basis to carry out identifiable duties and actually performing those duties, or being on fully paid leave, except leave caused by sickness or injury. Basic Cover Means any combination of: one to seven units of Basic Death Cover one to seven units of Basic TPD Cover; and one to seven units of Basic IP Cover. Basic Default Cover Means the default package automatically provided to all new members who join REST (subject to meeting terms and conditions) and consists of: five units of Basic Death Cover five units of Basic TPD Cover; and five units of Basic IP Cover. Basic Death Cover Means one unit of Death cover. Basic IP Cover Means one unit of IP cover. Basic TPD Cover Means one unit of TPD cover. Incident Date For Death, Incident Date means the date of death; For Terminal Illness, Incident Date means the later of the dates that two medical practitioners (one being a specialist in the particular medical field) certify you as being terminally ill; and For Income Protection, Incident Date means the first day of the 60 day Waiting Period. New Events Cover Means an insured member is only covered for claims arising from a sickness which became apparent or an injury which occurred on or after 1 July Pre-Disability Income Means the average gross monthly income earned by you over the 12 months (or if you have been employed for less than 12 months, over your period of employment) immediately before becoming totally disabled, indexed annually on the anniversary of the claim by the lesser of 5% and the annual change in Average Weekly Ordinary Time Earnings (AWOTE). Terminal Illness Means the insured member is considered, in the opinion of the insurer, to suffer from an illness, or has incurred an injury, that is likely to result in the insured member s death within 12 months of the date of the certification of the terminal illness by two registered medical practitioners (with one being a specialist in the particular medical field) acceptable to the insurer. For a full list of definitions refer to the REST Super Insurance Guide effective 1 July 2013 available on our website rest.com.au This material contains general advice which has been prepared without taking into account your objectives, financial situation or needs. Before making a decision based on this advice, you should consider its appropriateness having regard to your objectives, financial situation and needs. You should read the Product Disclosure Statement which is available from or by calling before making a decision about this product. When you become a member of REST, you join the Retail Employees Superannuation Trust ABN The Trustee is Retail Employees Superannuation Pty Ltd ABN AFSL Registered Office: Level 7, 50 Carrington St Sydney NSW For a general guide to the insurance cover offered by REST, this document needs to be read together with the REST Super Insurance Guide effective 1 July Neither this document nor the REST Super Insurance Guide contain full details of the contract between REST and its insurer. If there is any conflict between this document or the REST Super Insurance Guide and the insurance contract, the insurance contract will prevail. Issued by Retail Employees Superannuation Pty Limited (Trustee) ABN AFSL Retail Employees Superannuation Trust ABN SPIN RES0103AU RS/SEN/FLY /13 ISS1

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