Paying your premiums for insurance inside super by rollover from an external super fund
We’ve recently introduced a new payment method that will allow you to pay your insurance premiums by rollover from any complying super fund. This new payment method is available for the following products:
- MLC Insurance (Super),
- MLC Protection – Life super*, and
- MLC Protection – Income Protection super*
*part of the MLC Protectionfirst range and for policies with a policy number beginning with 8.
Please note, you can only request one policy to be paid by rollover from any one external fund.
To do this, you must complete an Enduring Authority which will direct the trustee of your nominated external super fund to rollover funds to your MLC fund. This will also direct NULIS Nominees (Australia) Limited and MLC Limited to apply those funds in payment of premiums for your insurance policy. We will then initiate the rollover on your behalf.
NULIS Nominees (Australia) Limited is the trustee of the MLC Super Fund (MLC fund) and MLC Limited is the insurer.
Please read – Important information
- The member must be the same for both the insurance policy with us and the external super fund account.
- If the rollover request is rejected by the external super fund for any reason we will request alternative payment details from you, otherwise the policy will lapse.
- An amount equal to the annual premium payable will be requested as a rollover from your external super fund account, proximate to the annual anniversary date for your insurance policy. We will notify you of the amount of the annual premium required prior to requesting the rollover from you nominated external super fund.
- It is your responsibility to determine the impact the rollover may have on any entitlement you have in the external super fund.
- Please ensure the account balance with the external super fund is sufficient to allow for the rollover of the required amount and ensure you meet any minimum balance requirements of the external super fund.
- You will authorise the deduction from your external account by the trustee of the external fund any applicable fees or charges which may be payable as a result of the rollover.
- You will discharge the trustee of the external super fund from any further liability in respect of rollover benefit once the amount is transferred to us.
- Please contact your nominated external super fund to determine if they have additional requirements to process the rollover, such as proof of identity document ‘Unique Superannuation Identifier (USI)’.
- We cannot accept certain rollovers, such as pension or super amounts transferred from the UK or New Zealand Kiwi Saver or untaxed amounts. It is your responsibility to ensure these types of amounts do not form part of your benefit in your nominated external superfund account.
Termination of arrangements
- You must notify us in writing if you wish to terminate the ongoing annual rollover arrangement. Until such time, your direction and authority remains valid.
- We may at our discretion or as may be required by law or regulations terminate arrangements for annual rollover of funds from a nominated external super fund.
- We may be able to claim a tax deduction for the premium we pay for your insurance and, at our discretion, may pass some or all of the benefit of this tax deduction to you by reducing the amount of the rollover required to meet the premium, when the rollover comes from a taxed source.
For full details on these products
Please refer to the current Product Disclosure Statement (PDS) for the relevant product.