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PSS ADIC 2016 Premium Change

Posted 20 January 2016 10:20am


A letter regarding PSS insurance cover premium rates is being mailed to PSS members from 22 January 2016. The text of the letter is as follows.

New Additional Death and Invalidity Cover (ADIC) premium rates from 26 February 2016

I am writing to advise you of important changes to the premium rates for ADIC for the Public Sector Superannuation Scheme (PSS).

CSC has conducted a comprehensive review of ADIC arrangements to ensure the premium rates charged remain competitive and fair for our members. Since the last premium review in 2013, all superannuation
funds have seen costs of insurance cover increase (some quite substantially) due to the costs of purchasing insurance in the market and the increase in the number of claims leading to increased premiums.

ADIC is no different and premiums need to accurately reflect these costs. As a result, there will be changes to premium rates effective from 26 February 2016. The new premium rate tables are available at pss.gov.au/your-scheme/insurance/premiums/. The table below details how your individual premium rates will be impacted:

 

Age last birthday

Current ADIC amount

Current
total fortnightly premium

New
total fortnightly premium

Employer fortnightly component

Member fortnightly component

Individual Information

Individual Information

Individual Information

Individual Information

Individual Information

Individual Information


Important note:
Details of the cover and premium amounts set out above are based on information as at 22 December 2015. If you are subject to an annual birthday review between 22 December 2015 and 26 February 2016 the new cover and premium information shown above will change with actual amounts confirmed on completion of this annual review once salary information is provided by your employer.

Your premium rates will continue to be remitted by your employer and you should see the new premium reflected from payday 10 March 2016. If you don't see a change from that date you should check with your payroll area.

Your employer will continue to cover half of the standard premium of your ADIC (members on leave without pay are responsible for the full premium amount until they return to work).

CSC has also negotiated for cover to remain in place for an extra 12 months beyond the current 12 months leave without pay period. This means that, from 26 February 2016, if you wish to take leave without pay for 24 months, provided you advise us and your premiums continue to be paid, you can retain your ADIC.

Please contact us on 1300 000 377 or email members@pss.gov.au if you would like more information.

Yours sincerely

Peter Carrigy-Ryan

Chief Executive Officer

 

22 January 2016

Age Last Birthday

New ADIC rates effective from
26 February 2016

Age Last Birthday

New ADIC rates effective from
26 February 2016

15

0.19

38

0.88

16

0.22

39

0.98

17

0.26

40

1.06

18

0.30

41

1.17

19

0.34

42

1.30

20

0.34

43

1.49

21

0.36

44

1.69

22

0.35

45

1.92

23

0.37

46

2.20

24

0.38

47

2.51

25

0.37

48

2.86

26

0.38

49

3.24

27

0.40

50

3.66

28

0.41

51

4.15

29

0.44

52

4.72

30

0.45

53

5.29

31

0.48

54

5.95

32

0.49

55

6.66

33

0.53

56

7.46

34

0.59

57

8.39

35

0.66

58

9.05

36

0.72

59

9.78

37

0.80

 

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