What’s changing and when

Members of Protect Super Plan 2, a division of Tidswell Master Superannuation Plan will be transferred to Protect Super Plan, a division of OneSuper at the end of May 2024 via a Successor Fund Transfer (SFT).

Importantly, there are no changes to the terms and conditions of the NEOS Protection insurance plans held by your clients and no action is required from you or them.

What communications you and your clients can expect

1) Members of Protect Super Plan 2 will receive a Significant Event Notice (SEN) at the end of April 2024. At the same time, advisers who have members of Protect Super Plan 2 will also be sent a copy of the SEN.

2) Shortly after the date of the SFT, at the start of June 2024, your clients will receive an Exit Statement from Protect Super Plan 2 and a Welcome Statement from Protect Super Plan.

Both statements will show the insured benefits and any death benefit nominations being transferred.

Advisers will also be able to access copies of their clients’ Exit and Welcome Statements via the NEOS Adviser Portal.

What happens to clients that have applied to become members of Protect Super Plan 2 as part of their application for insurance but have not yet been accepted for cover at the time of the SFT?

They will become members of Protect Super Plan as part of the SFT, if their application for insurance has been accepted.

What happens to clients that have lodged a claim application under Protect Super Plan 2 that has not yet been finalised at the time of the SFT?

Their claim benefit will be paid out of Protect Super Plan if the claim is accepted and once it has been finalised.

What happens to clients who are currently receiving an ongoing claim benefit under Protect Super Plan 2?

Their ongoing claim benefits will be paid from Protect Super Plan if they continue to meet a benefit condition under the policy and a condition of release under the Superannuation Industry Supervision Act (SIS).

What happens to my client’s enduring rollover authority instructions?

Your client’s enduring rollover authority instructions transfer to the Protect Super Plan.

What happens to my client’s death benefit nominations?

Your client’s death benefit nominations are instructions to the trustee. As Diversa is the trustee of both Protect Super Plan and Protect Super Plan 2, the instructions will continue to apply under the new fund.

What happens to rollover requests that haven’t been received at the time of the SFT?

Any moneys received into Protect Super Plan 2 after the SFT has been completed will be transferred and allocated to the member’s account in Protect Super Plan, in accordance with normal operating procedures for superannuation administration.

What happens to renewals during the 6-week period up to the SFT?

For policy anniversary dates happening before the date of the SFT, the rollover requests will be initiated by Protect Super Plan 2, as happens today.

For policy anniversary dates happening after the SFT, the rollover requests will be initiated by Protect Super Plan to ensure the moneys are received and allocated to the correct member account and fund, in accordance with normal operating procedures for superannuation administration.