LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper - - PowerPoint PPT Presentation

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LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564 Disclaimer This seminar provides general information only. It has been prepared without taking into account your individual objectives, financial situation or

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LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Disclaimer

This seminar provides general information only. It has been prepared without taking into account your individual objectives, financial situation or needs. You must not rely on this information alone as a sole or primary source of advice or guidance for the purpose of making decisions about your superannuation

  • ptions.

If you are interested in exercising your options in LGIAsuper in relation to a matter referred to in this presentation you should obtain the relevant Product Disclosure Statement and consider contacting an LGIAsuper representative who can give you appropriate advice which does take into account your particular

  • bjectives, financial situation and needs.

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Managing employee’s wellbeing: the importance of insurance

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Today we will discuss

  • What are your employees covered for?
  • Insights into Employee wellbeing and claims
  • The claims process
  • New Legislation: Putting Members Interests First
  • Council Super Hub
  • Summary

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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SLIDE 5

Insurance in superannuation provides protection for your employees

Take roadside accidents for example

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Source: Road deaths Australia, Bureau of Infrastructure, Transport and Regional Economics.

Source: 2016 Road deaths Australia, Bureau of Infrastructure, Transport and Regional Economics Based on Australian roads, estimates only.

25,000

people seriously injured

  • n roads

in 2016

1,290

people died on Australian roads in 2016

20

people seriously injured for every recorded road fatality

40-64

majority

  • f roadside

fatalities took place in this age group

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

more men than women die on our roads each year

MEN

Accidents happen – take the 2016 Australian road statistics for example

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SLIDE 7

How are your employees covered with LGIAsuper?

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

DEATH INCOME Disability (TPD) Pays your loved

  • nes a lump sum

if you die.

If you’re unable to work temporarily it will pay you an income.

Default cover automatically accepted depending on your age and balance Pays you a lump sum if you suffer Total and Permanent disablement (TPD).

Source: LGIAsuper Product Disclosure Statement www.lgiasuper.com.au

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SLIDE 8

Average amount of Death & TPD insurance coverage for LG employees

Source: LGIAsuper Product Disclosure Statement www.lgiasuper.com.au

1 4

$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000

20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 Sum insured

Age

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Any injury or illness that prevents the employee from completing their normal work duties that they are reasonably qualified for.

Income protection provides benefits for temporary periods of sickness or injury

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

Total and Permanent Disability – ANY Occupation Income Protection – OWN Occupation

Source: LGIAsuper Product Disclosure Statement www.lgiasuper.com.au

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Insights into Employee wellbeing and claims

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Insights for local government insurance claims

Source: LGIAsuper claims history. Information not available publicly

Average insurance cover and premiums per employee Cover: $260,000 Yearly Premiums: $144 Cover: $52,000 Yearly Premiums: $317 Employees Insurance Coverage With Cover: 90% Without Cover: 10% With Cover: 76% Without Cover: 24%

Total of claims approved

for employees (fund average) 88% approved 8% declined (eligibility to claim and not TPD) 4% under assessment 94% approved 3% declined (eligibility to claim not meeting the definition) 3% under assessment

17% 14% 10% 9% 8% 6% 36% 0%

TPD CAUSES

Back Depression/Anxiety/Stress Neurological/Nervous system Cancer/Tumour Injury(other than head/neck) Cardiovascular Other Arthritis

47% 25% 13% 16%

OCCUPATION TYPES

Blue Collar - IP White Collar - IP Blue Collar - TPD White Collar -TPD

12% 19% 0% 19% 13% 3% 28% 4% IP CAUSES

TOTAL & PERMANENT DISABILITY (Council Average) INCOME PROTECTION (Council Average) PROFILE

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Insurance is an option for employees unable to meet the requirements of their job

  • Age 53, multiple sclerosis;

$170k TPD paid plus super balance

  • Age 56, arthritis;

Manual role, initially worked closely with council to change shifts. Moved to IP, then $60k TPD paid

  • Age 56, back injury;

Physical role and council tried to accommodate, but $66k TPD payout

  • Age 50, couldn’t physically get into work trucks anymore; very

limited education and not good with technology, he was paid about $96K TPD

Insurance claims can play a role in your ageing workforce strategy

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

Source: LGIAsuper claims history. Information not available publicly

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How an employee can claim

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Assess claim and notify employee

The claims process involves the employee, the employer and LGIAsuper

Receives claim notified, checks customer contact details, insurance policy is in-force and eligible. Provide Online Application link to employee Notifies LGIAsuper of intention to claim Claim notification and eligibility information

  • provided. Our insurer may

contact employer to verify employment information and medical practitioners Employee completes Online Application Start

Customer/ employer

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Employees can now manage their insurance through Member online

Click on view my insurance

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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See an overview of your insurance cover

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

Click on Go to Insurance Online Manage your insurance details

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Review and manage your insurance through insurance Online

Increase, decrease

  • r cancel your

cover Transfer your insurance Increase due to life event Covert or fix insurance cover

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

On insurance

  • nline you can:

Start a claim

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New legislation: Putting Members Interests First

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Your new employees may not be protected from 1 April 2020

  • Insurance will be opt-in for members:
  • 1. Under 25 years old
  • 2. Balance under $6000
  • New and young employees won't have the same safety net as all your other

employees – this may be especially important to apprentices and outdoor workers

  • Financial burden for injured employees could fall to the council
  • LGIAsuper is available to meet with all new employees

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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We can help all new employees set up their super and insurance arrangements correctly the first time

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

Contributions Investments Insurance Member online Next steps Super in local government About us

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Super Hub

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LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

Introducing Local Government Super Hub

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Super Hub delivers benefits at no cost

  • Quick connection and answers in
  • ne place
  • Talk about super how you want to

(Phone/email/live chat)

  • Simple and straightforward layout
  • Employees can book a Super

Health Check online

  • Most popular FAQ section and

updated regularly

Benefits to your employees

  • Focused on local government issues

and information regarding super

  • Can be customised with specific

information relating to your council

  • A way to reduce enquiries from

employees relating to superannuation

  • Fast and effective way to get new

memberships open

  • Arrange workplace visits and

seminars online

Benefits for HR & Payroll teams

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Super Hub delivers benefits at no cost

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Staff Expos / Wellness Days

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Invite us to your Staff Expos / Wellness Days

  • Talk super

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

Invite us to your Staff Expos / Wellness Days

  • Talk super
  • 5 min Super Health check
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Invite us to your Staff Expos / Wellness Days

  • Talk super
  • 5 min Super Health check
  • Insurance checks

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

  • Talk super
  • 5 min Super Health Check
  • Insurance checks
  • Improve financial literacy
  • Giveaways

Invite us to your Staff Expos / Wellness Days

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

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Summary

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Most employees under 65 years of age will have insurance

Important information employers need to know about insurance

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

You may have employees who can make a claim now Our cover is 24/7 for all injuries and illness Young and new employees will no longer have automatic cover - leaving them unprotected Our insurer will contact you for information

  • n TPD and

IP claims

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Where to from here

Contact your Relationship Manager to arrange a briefing specific to your council e.g. employee wellness insights, Super Hub, ageing workforce programs, Mental Health support training (TAL) Talk to us about employees who may be struggling with completing their tasks associated with their role Involve us in your new employee induction programs to make sure your employees have insurance cover Remember…..

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

SUPER HUB

!

LGIAsuper are the Local Government superannuation specialists. We understand the needs of your council.

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Local government superannuation

We would like to partner with you to welcome your new councillors to local government. We can provide a 15-minute briefing to councillors on:

LGIAsuper Trustee ABN 94 085 088 484 AFS Licence No 230511 LGIAsuper ABN 23 053 121 564

Introduction to a dedicated account manager Local government superannuation arrangements for Councillors Setting up a councillor’s superannuation right the first time Who we are and what we do for councils

Local government superannuation arrangements can be complex for new and existing councillors. We understand the needs of your councillors and employees