What is my ill health cover if I have a RBF-TAS SG Account?
The premium (or cost) for the basic 100% cover is automatically deducted
from your employer's contribution as it is paid into your RBF-TAS SG Account.
The premium is 6.12% of your employer's contribution.
You may elect to vary your level of ill health and death cover subject
to passing a medical examination by a medical practitioner approved by
the RBF Board.
| Level of Cover |
Description of cover |
|
0%
|
No Cover
|
|
50%
|
50% of Basic Cover
|
|
Basic Cover
100%
|
Benefit calculated as if your Superannuation Guarantee employer contributions
were continued from date of ill health retirement until age 60.
|
|
150%
|
Basic Cover multiplied by 1.5
|
|
200%
|
Basic Cover multiplied by 2
|
|
250%
|
Basic Cover multiplied by 2.5
|
|
300%
|
Basic Cover multiplied by 3
|
|
If you do not wish to have any ill health and death cover with your RBF-TAS SG
Account, you must apply in writing to RBF. Your application must provide
the details of any alternative arrangements that you may have. If RBF is
not satisfied that you have adequate ill health and death cover, the application
may be rejected.
Unless you are receiving a temporary incapacity pension, your ill health
and death cover will cease if:
- you resign or retire from the public sector;
- RBF has not received any superannuation contributions from your employer
for more than four months;
- you have been on sick leave without pay or parental leave, and RBF has
not received any superannuation contributions from your employer for more
than 12 months;
- you reach age 60; or
- you become a member of an alternative superannuation scheme.
What ill health benefits are available if I have a RBF-TAS SG Account?
There are two types of ill health benefits available to TAS members who
have ill health and death cover.
Permanent Incapacity
'Permanent incapacity' means ill health, whether physical or mental, where
the Board is reasonably satisfied that the member is unlikely, because
of the ill-health, ever again to engage in gainful employment for which
the member is reasonably qualified by education, training or experience.
Temporary Incapacity
'Temporary Incapacity' means ill health, whether physical or mental, that
causes the member to cease to be gainfully employed but does not constitute
permanent incapacity.
|
