What will happen to my Income Protection insurance after the merger?

This webpage applies to members who:

1. Have Income Protection insurance with the ‘to age 65’ benefit period and ARE NOT invested in the Direct Investment option (See Section 1), or
   
2. Have Income Protection insurance with the ‘to age 65’ benefit period and ARE invested in the Direct Investment option (See Section 2).

Section 1 – Members who have Income Protection insurance with the ‘to age 65’ benefit period and ARE NOT invested in the Direct Investment option

If you have selected the ‘to age 65’ benefit period on your Income Protection insurance, it means that should you make an Income Protection benefit claim, your insurance will continue to pay the benefit until you are age 65, provided you continue to meet the terms and conditions for payment.

As noted in the Significant Event Notice, Media Super and Cbus Super are preparing to merge, dated 23 February 2022, after the merger there will be a premium increase to some members’ Income Protection insurance.

The premiums for this type of cover are currently different for men and women but the premiums after the merger will be unisex. You can review your cover at any time to make sure this cover suits your needs.

What are your current premiums and occupational factors for Income Protection insurance?

The current premiums and occupational factors for Income Protection insurance are outlined in the Media Super Insurance Guide, issued 5 October 2021. See the heading ‘Benefit period to age 65’ on pages 18-19 of the document.

What are your future Income Protection premiums and occupational factors from 9 April 2022, following the merger?

The tables below provide you with Income Protection premium costs for your age and occupational category following the merger between Media Super and Cbus on 9 April 2022.

Please note: your current occupation category will be mapped to your new Media Super Division account within Cbus.

Income Protection Premiums for benefit period ‘to age 65’ (Effective 9 April 2022)

*Use this column to compare your current Income Protection Premiums on pages 18-19 of the Media Super Insurance Guide.

Occupational Category

The following examples compare the costs of ‘to age 65’ Income Protection for Media Super insurance with cover provided in the Media Super Division of Cbus:

Section 2 – Members who have Income Protection insurance with the ‘to age 65’ benefit period and ARE invested in the Direct Investment option

As noted in the Significant Event Notice, Members invested in the Direct Investment option (DIO) at the time of merger, dated 23 February 2022, if you are invested in the Direct Investment option at the time of the merger then you will move to a Cbus account and invest in Cbus Self Managed after the merger, and the 'to age 65' benefit period is not an option that is offered in Cbus Industry Super.

If you have selected this cover, and elect to invest in Cbus Self Managed, your Income Protection benefit will be transitioned to a 5-year benefit period under Cbus Industry Super, with your current 30-day or 90-day waiting period. If you currently have selected a 60-day waiting period, this will become a 30-day waiting period.

If you currently have Media Super 'to age 65' Income Protection cover, an occupational category is applied to your premiums. That category will be used to determine the occupational category under Cbus Industry Super that will apply to your premiums for both Death and Total Permanent Disablement, and Income Protection with a 5-year benefit period, if you transfer to a new Cbus account:

• Media Super Professional will become Professional
• Media Super White Collar will become Non-Manual
• Media Super Light Manual, Blue Collar and Heavy Manual will become Manual.

The new premium rates for Income Protection cover with a 5-year benefit period are shown on pages 7-8 of the Significant Event Notice, Members invested in the Direct Investment option (DIO) at the time of merger, dated 23 February 2022.

What if you wish to retain your current ‘to age 65’ benefit period?

If you wish to retain your current ‘to age 65' benefit period, you will need to elect to remain within the Media Super Division at the time of merger and will need to direct Media Super to switch your investment and transfer all your assets out of the Direct Investment option by no later than 3 April 2022.

The new premium rates, occupational factors and some examples for members transferring to the Media Super Division are shown in Section 1 above.

Please see ‘How do I transfer to the Media Super Division?’ in the Significant Event Notice, Members invested in the Direct Investment option (DIO) at the time of merger, dated 23 February 2022, and refer to the information about insurance set out in Significant Event Notice – Media Super and Cbus Super are preparing to merge, dated 23 February 2022.

Do you need help?

As your Media Super account will close and a new Cbus account will be opened, contact details will be different depending on when you make enquiries.

Before the merger

You can contact Media Super for all your questions about your account:

Call: 1800 640 886 from 8.00am to 7.00pm (AEST/AEDT), Monday to Friday

Browse: mediasuper.com.au

Mail: Media Super, GPO Box 4303, Melbourne VIC 3001.

If you need more complex advice before the merger, we can arrange for you to speak to a financial planner.

After the merger – if you move to the Media Super Division

Call: 1800 640 886 from 8.00am to 7.00pm (AEST/AEDT), Monday to Friday

Browse: mediasuper.com.au

Mail: To be advised

After the merger – if you move to the Cbus Industry Division

You can contact Cbus for all your questions about your new Cbus account:

Call: 1300 361 784 from 8.00am to 8.00pm (AEST/AEDT), Monday to Friday

Visit in person in Adelaide, Brisbane, Melbourne, Perth and Sydney. Details: cbussuper.com.au/contact

Browse: cbussuper.com.au

Mail: Cbus, Locked Bag 5056, Parramatta NSW 2124.