Summary Of Significant Events
|Date||Event Description||More Info|
|10 August 2015||Change of Insurer|
From 1 September 2015 the Trustee has appointed OnePath Life Limited as its insurer for group life and income protection insurance. This action was taken after a tender process conducted by the Fund's insurer adviser, Gow-Gates Insurance. OnePath replaces MetLife Insurance Limited
|25 August 2014||Small increase in income protection insurance fees|
Insurance fees for income protection insurance have increased slightly for the 2014-15 year. No member will see an increase of more than $3/month ($36 p.a.) above the premium that would have been payable under the old scale.
|11 June 2013||New Income Protection Benefit|
From 1 July 2013, the Fund provides most members under age 65 with income protection insurance. This pays members a monthly income if they are temporarily disabled, for up to 2 years.
This new benefit will help protect members and their families against the financial burdens that would arise if they become ill or injured and cannot work, but are not eligible for a Total and Permanent Disablement benefit from the Fund.
Insurance premiums for the benefit will automatically be deducted from members’ accounts in the Fund from July 2013. Members can cancel the insurance cover at any time.
|11 June 2013||Government “Stronger Super” reforms to the superannuation system|
From 1 January 2014 employers will be required to contribute to “MySuper” funds for employees who do not actively choose a superannuation fund for their compulsory employer contributions. The Manildra Flour Mills Retirement Fund will continue to operate as a “Choice Fund” and will not become a MySuper fund.
Members were required to complete a form to continue to be members of the Manildra Flour Mills Retirement Fund.
|11 June 2012||11 June 2012|
New options available for Death and Total & Permanent Disablement insurance
The Death and Total and Permanent Disablement benefits provided by the Fund include a Company-funded insured component to help protect members and their families against the financial burdens that would arise if the member dies, becomes terminally ill, or can no longer work due to being totally and permanently disabled.
From June 2012, members can apply to increase their insurance cover above the standard amount to a level right for their individual situations.