First State Super Insurance Changes
INDUSTRIAL BULLETIN – NSW Police Force
First State Super – Check your basic unit cover insurance for Death & Total & Permanent Disablement (TPD) – Are you underinsured and don’t realise it?
In November 2013, First State Super wrote to its members to advise of changes to insurance arrangements from 1 January 2014. Along with an increase to insurance premiums, First State Super also advised of some changes to their employer insurance category ratings.
In this same letter, First State Super identified a member’s current employer insurance category rating (e.g. Public Service & White Collar) in addition to specifying what their employer insurance category would be from 1 January 2014 (e.g. remain as Public Service & White Collar).
In the past few weeks First State Super has sent members their Super Snapshots @ 31 December 2013. Some members have reported to First State Super that their employer group for basic cover has changed since their 30 June 2013 Superannuation Statement. They found that their insurance category rating was changed from Public Service & White Collar to Emergency Services without consultation or notification. As a result, the basic units of insurance cover have been reduced, effectively decreasing their insurance cover by $90,000.00.
It is advisable that all members of First State Super check the death & disability basic unit cover from their 30 June 2013 Superannuation Statement and compare it to their Super Snapshot statement @ 31 December 2013, to ensure that their employer group for basic cover has not been changed from Public Service & White Collar to Emergency Services without their knowledge.
It is also recommended that members make contact with First State Super on 1300 650 873 or visit the website and login to eSuper to see changes which took effect on 1 January 2014 as insurance cover may have significantly decreased if your employer insurance category rating has been changed to Emergency Services.
Members who have already identified large decreases in their Death & TPD basic unit cover have been told by First State Super that the decrease is due to a system error which is now classifying them as Emergency Services workers and not Public Service & White Collar.
You may also contact PSA on 1300-772-679
Authorised by Anne Gardiner, General Secretary, Public Service Association of NSW, 160 Clarence Street, Sydney NSW 2000