This case study concerned the conduct of the Retail Employees Superannuation Pty Limited, a registerable superannuation entity licensee and the trustee of Retail Employees Superannuation Trust (REST). The focus of the case study was the provision of life insurance, total and permanent disability (TPD), and income protection policies to REST members.
Lachlan Ross, Project Specialist in the REST Operations Team, gave evidence on REST’s behalf.[1] Additional statements of Natalie Binns, Paul Howard and Joseph de Bruyn were also tendered.[2]
REST is a large fund, with about two million members.[3] Between 1.4 and 1.5 million of those members have group life insurance with REST.[4] REST offers its members default life, TPD and income protection cover, through the fund.[5]
Since 2004, AIA has been REST’s group life insurer.[6] Mr Ross estimated that REST will pay AIA annual premiums of between $750 million and $800 million in the current policy year.[7]
The REST case study focused on particular clauses in the group life policies held by REST and the application of those clauses in particular cases.
[1] Exhibit 6.224, Witness statement of Lachlan Ross, 31 August 2018, 1 [1].
[2] Exhibit 6.229, Witness statement of Natalie Binns, 31 August 2018; Exhibit 6.230, Witness statement of Paul Howard, 7 September 2018; Exhibit 6.231, Witness statement of Joseph de Bruyn, 12 September 2018.
[3] Transcript, Lachlan Ross, 14 September 2018, 5805.
[4] Transcript, Lachlan Ross, 14 September 2018, 5805.
[5] Exhibit 6.229, Witness statement of Natalie Binns, 31 August 2018, 2–4 [7].
[6] Transcript, Lachlan Ross, 14 September 2018, 5806.
[7] Transcript, Lachlan Ross, 14 September 2018, 5806.