Published 27 Jun 2018
Author: Jesicca Yousif
It’s official. Kinetic Super has merged with Sunsuper. The $45 billion dollar merger was agreed upon back in early 2017 and has taken full effect as at 12 May 2018. It is expected the joint funds will have a combined $45 billion fund under management with over 100, 000 employers and 1.3 million members.
Kinetic Super members will have their account balance and transaction history transferred over to Sunsuper. Kinetic and Sunsuper will be handling the transfers which means existing Kinetic members don’t need to do anything.
Those affected by the merger can expect to receive Notification with a new account established under Sunsuper. If you are already an existing Sunsuper member then your existing Kinetic Super account will be closed with the account balance transferred into your existing Sunsuper account from the date of merger. If you are a new Sunsuper member then your existing Kinetic Super account will simply be closed and the balance transferred into your new Sunsuper account from the date of merger.
Notably, there are changes to some insurance terms and conditions affecting Kinetic Super members who held insurance cover immediately prior to 12 May 2018. There are also special circumstances that apply to members with existing Sunsuper accounts at the date of merger. Some of these changes are briefly set out below.
Insurance Prior to the Merger
If you held existing insurance prior to the merger then you will keep your existing cover subject to certain changes to premium rates, exclusions and loadings (if any) which are determined according to your 'occupational category'. You will also be subject to the insurance policy's terms and condition as set out in the Sunsuper for life Product Disclosure Statement for former Kinetic Super members and Insurance guide.
If you did not hold insurance cover prior to the merger then any insurance you opt in for will be subject to the Sunsuper for life members Insurance Policy Terms. This varies from the Policy applicable to Kinetic Super members who held insurance prior to the merger.
Special circumstances apply to members who held both a Kinetic Super account and Sunsuper account at the date of merger. The accumulated account balance and insurance cover will be respectively combined in the existing Sunsuper account. For example, Total and Permanent Disablement cover held in both accounts will be combined with applicable exclusions, limitations, restrictions and loadings.
Thinking of lodging an insurance claim? Not sure how these changes will affect you?
At Gerard Malouf and Partners, we aim at achieving the best possible outcome for you and gaining the maximum amount of compensation which you are entitled to. Contact Gerard Malouf and Partners on 1800 004 878 for a free consultation.