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The government is ending certain types of adviser commissions from 1 January 2021.
Resolution Life is committed to removing these commissions early and passing the benefits back to you. Depending on how the commissions are paid on affected products, you may receive benefits through rebates, reduced fees, reduced insurance premiums or enhanced crediting rates.
Frequently asked questions
Here are some frequently asked questions to help you understand the changes
When will the certain types of adviser commissions be removed from impacted Resolution Life products?
Depending on the product you hold, commissions have either ceased since 15 May 2020 or will cease from 15 August 2020 – you can look for your product in our tables below to understand when certain types of commissions cease.
Are all commissions affected?
No, certain types of life insurance commissions continue or are not currently paid. For example, if you hold Super Protection insurance cover through your super account, there will be no change to any adviser commissions paid relating to that insurance cover. If you hold a Guaranteed Super Pension product, no adviser commission is paid on your product. If you would like more information, please refer to your current product documents, or contact your financial adviser or contact us.
What does the change mean for me?
Various types of adviser commission will no longer be paid on your product and the benefit of this change will be returned to you in the form of a rebate, reduced premium, reduced management fee, reduced investment charge or enhanced crediting rate.
Resolution Life products with ceasing adviser commissions
Resolution Life products with commissions that ceased from 15 May 2020
Some Product and Investment Option names have been updated.
Information on your policy or investment can be found in the My Resolution Life portal or click to register.
The table below lists the Resolution Life products and type of commission removed:
| Product | Type of commission removed | Benefit provided to you through |
|---|---|---|
|
Portfolio Plan (super and ordinary) (UL) and Children’s Portfolio Plan (ULC) |
Contribution commission - paid on receipt of a contribution to your plan | Reduced administration/management fee |
|
Investment Account Superannuation Bond (FSB) and Investment Account Insurance Bond (FSB and FSBN) |
Investment commission – determined with reference to your plan’s balance | Reduced administration/management fee |
|
Investment Account Regular Premium Super Plan (super) (IAA and IAD) and Investment Account Regular Premium Plan (ordinary) (IAA) |
Contribution commission - paid on receipt of a contribution to your plan | Removal of the management fee |
| Investment commission - determined with reference to your plan’s balance | Reduced administration/management fee | |
| Insurance commission | Reduced insurance premium rates for death insurance benefits | |
|
Investment Account Regular Premium Plan and Investment Account Regular Premium Super Plan (IAF) |
Contribution commission - paid on receipt of a contribution to your plan | Removal of the management fee |
| Investment commission - determined with reference to your plan’s balance | Reduced administration/management fee | |
| Insurance commission | Reduced insurance premium rates for death insurance benefits | |
| Guaranteed Super Account (GSA) | Standard commission | Reduced administration fee |
| RLA Allocated Pension Plan | Trail commission - determined with reference to your plan’s balance | Reduced administration fee |
| RLA Personal Super Plan | Contribution commission - paid on receipt of a contribution to your plan | Removal of the contribution fee |
| Trail commission - determined with reference to your plan’s balance | Reduced administration fee | |
| Insurance commission | Reduced insurance premium | |
| Investment Linked Superannuation Plan (ULA and ULJ) | Contribution commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment Linked Personal Superannuation Plan (ULS) | Contribution commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Personal Superannuation Plan (ULES) | Contribution commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread and removed establishment fees |
| Insurance commission | Reduced insurance premium | |
| Investment Linked Personal Superannuation Bond (ULASP) | Contribution commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment commission - determined with reference to your plan’s balance | Management fee rebate | |
| Super Rollover Plan Personal Superannuation Bond (ULAR) | Investment commission - determined with reference to your plan’s balance | Reduced administration fee |
| Super Rollover Plan Investment Linked Deferred Annuity (ULKR) | Investment commission - determined with reference to your plan’s balance | Reduced administration fee |
|
MultiFund Superannuation Bond (ULMB and ULBMN) and MultiFund Trustee Bond (ULMT) |
Contribution commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment commission - determined with reference to your plan’s balance | Reduced administration fee | |
| MultiFund Flexible Income Plan (ULMA and ULMAN) | Investment commission - determined with reference to your plan’s balance | Reduced administration fee |
| Investment Linked Deferred Annuity (ULK and ULKN) | Investment commission - determined with reference to your plan’s balance | Management fee rebate |
| MultiFund Rollover Deferred Annuity (ULMD and ULMDN) | Investment commission - determined with reference to your plan’s balance | Reduced administration fee |
| Flexible Income Plan (ULKP) | Investment commission - determined with reference to your plan’s balance | Reduced administration fee |
Resolution Life products with commissions that cease from 15 August 2020
Some Product and Investment Option names have been updated.
Information on your policy or investment can be found in the My Resolution Life portal or click to register.
The table below lists the Resolution Life products and type of commission being removed:
| Product | Type of commission removed | Benefit provided to you through |
|---|---|---|
| Accelerator Personal Superannuation Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Accelerator Savings Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Capital Secure Deferred Annuity (no entry fee) (FSDN) | Investment Commission – determined with reference to your plan’s balance | Reduced administration fee |
| Children’s Investment Plan (ULEN) | Contribution Commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment Commission – determined with reference to your plan’s balance | Management fee rebate | |
| Insurance Commission | Reduced insurance premiums | |
| Children's Investment Linked Insurance Bond (ULNSP) | Contribution Commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment Commission – determined with reference to your plan’s balance | Management fee rebate | |
| Capital Secure Deferred Annuity (FSD) | Investment Commission – determined with reference to your plan’s balance | Reduced administration fee |
| Investment Linked Children’s Plan (ULN) | Contribution Commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment Linked Insurance Bond (ULAN and ULASP) | Contribution Commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment Commission – determined with reference to your plan’s balance | Management fee rebate | |
| Investment Linked Plan (ULA and ULJ) | Contribution Commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Personal Achiever (ULTJ) | Contribution Commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment Commission – determined with reference to your plan’s balance | Management fee rebate | |
| Insurance Commission | Reduced insurance premiums | |
| Personal Investment Plan (ULEJ) | Contribution Commission - paid on receipt of a contribution to your plan | Reduced buy/sell spread |
| Investment Commission – determined with reference to your plan’s balance | Management fee rebate | |
| Insurance Commission | Reduced insurance premiums | |
| Protected Growth Deferred Annuity (SGD and SGDN) | Investment Commission – determined with reference to your plan’s balance | Reduced administration fee |
| Corporate Super Bond | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Flexible Annuity Plan | Investment Commission – determined with reference to your plan’s balance | Reduced administration fee |
| Flexible Income Plan | Investment Commission – determined with reference to your plan’s balance | Reduced administration fee |
| Flexible Pension Plan | Investment Commission – determined with reference to your plan’s balance | Reduced administration fee |
| Flexible Security Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced administration fee |
| Flexipol Investment | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Flexipol Superannuation | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Futureguard | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Goldline Personal Superannuation Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Goldline Savings and Protection Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Guaranteed Income Plan (term) | Investment Commission – determined with reference to your plan’s balance | Increased annuity benefit |
| Guaranteed Investment Bond | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Managed Investment Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Personal Investment Bond | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Personal Super Bond | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Prosperity Bond | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Provider Personal Retirement Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Insurance Commission | Reduced insurance premiums | |
| Provider Protection and Savings Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Insurance Commission | Reduced insurance premiums | |
| Provider Special Purpose Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Insurance Commission | Reduced insurance premiums | |
| Provider Top Up Retirement Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Insurance Commission | Reduced insurance premiums | |
| Retirement Bond | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Retirement Security Plan | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| Secure Investment Bond | Contribution Commission - paid on receipt of a contribution to your plan | Reduced entry fee |
| Investment Commission – determined with reference to your plan’s balance | Reduced administration fee | |
| SuperGuard | ||
| SuperGuard Guaranteed | ||
| SuperGuard II | Investment Commission – determined with reference to your plan’s balance | Reduced administration fee |
| SuperGuard Managed | ||
| SuperGuard Plus |
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- Contact your financial adviser
What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
