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Changes to Elevate Insurance
We’ve recently upgraded the Elevate Insurance product. Upgrades provide enhancements to the product which may include additional benefits, and/or updates to existing features and definitions.
The changes that are relevant to your policy will automatically apply from 16 December 2024 and are provided under the ‘Upgrade of benefits’ feature of your policy. You will still retain your existing terms, conditions, and premium rates for your policy.
Any upgrades and/or changes to your plan definitions will always be reviewed at claim time, along with the original definition, to ensure you are assessed using the definitions that benefit you most. This means that if a definition or benefit from your original plan is more beneficial to you, you will still be eligible to claim under your original plan definitions.
Learn more about the latest changes on Elevate insurance.
Changes to Guaranteed Super Account (GSA)’s investment offering
Improving retirement outcomes
Following a strategic review, we’re making changes to the objective and strategy of the investment option and to the product’s fees and costs, effective 1 February 2025. We’re making these changes with the aim of improving returns for members through higher crediting rates, while maintaining their low volatility and the capital guarantee that the rates will never be negative.
There will be changes to the investment strategy and fees and costs. The strategy changes include increased allocations to “growth” asset classes such as equities and property.
A revised investment objective, reductions to fees and an increase in Resolution Life’s share of the life policy participating profit allocation, are set out in the table below.
Before 1 February 2025 | From 1 February 2025 | |||
Investment objective & strategy | To provide returns over the longer term exceeding those from cash, with security of capital. Resolution Life guarantees returns will not be negative. The investment strategy for the GSA is to invest in a group superannuation policy that has limited exposure to growth assets, such as equities/shares and property. Changes to investment allocations, including the use of derivatives, can be made according to the outlook for the various investment sectors and the nature of the investment. | To provide returns (after investment fees, costs and superannuation tax) exceeding inflation over the longer term, but with lower volatility of returns than would be expected of an investment option with the same exposure to fixed interest, cash, shares and property. The investment strategy is to invest in a diversified portfolio with a core of fixed interest and cash, and with exposure to shares and property, to enhance returns. Changes to investment allocations, including the use of derivatives, can be made according to the outlook for the various investment sectors and the nature of the investment. This is a crediting rate option. Assurance: members are protected from capital losses – Resolution Life guarantees that crediting rates will not be negative. | ||
Additional information | Participating policies are administered in accordance with the Life Insurance Act 1995 and the Insurance Contracts Act 1984. Under these Acts, an annual profit is determined for each class of participating policies, and these are shared between the policy owner and the life company (Resolution Life). At least 80% of that profit must be allocated to the participating policy owner(s). Currently for GSA, 92.5% of the annual profit is allocated to the policy owner and 7.5% is allocated to Resolution Life. | Participating policies are administered in accordance with the Life Insurance Act 1995 and the Insurance Contracts Act 1984. Under these Acts, an annual profit is determined for each class of participating policies and these are shared between the policy owner and the life company (Resolution Life). At least 80% of that profit must be allocated to the participating policy owner(s). Currently for GSA, 80% of the annual profit is allocated to the policy owner and 20% is allocated to Resolution Life. | ||
Asset Classes: | Strategic asset allocation % | Asset allocation range % | Strategic asset allocation % | Asset allocation range % |
Fixed interest and cash | 88 | 90-100 | 70 | 50-90 |
Shares and alternative investments | 8 | 0-20 | 20 | 10-30 |
Property and infrastructure | 4 | 0-10 | 10 | 0-20 |
| Fees and Costs | ||||
| Administration fees and costs | Account Balances ($) | % pa | Account Balances ($) | % pa |
| $0 - $9,999.99 | 1.15 | $0 - $9,999.99 | 1.05 | |
| $10,000 - $49,999.99 | 0.73 | $10,000 - $49,999.99 | 0.63 | |
| $50,000 + | 0.50 | $50,000 + | 0.40 | |
| Investment fees and costs | Investment fees and costs estimated to be 0.72% pa. | Investment fees and costs estimated to be 0.69% pa. | ||
These changes mean there will be an increase in the crediting rate applied to the account balance from 1 February 2025. The crediting rate will depend on the account balance. Please note, crediting rates may increase or decrease at any time without notice but will never be negative.
Customers will see the changes reflected in GSA’s disclosure documents from 1 February 2025 as well as the Investment report and Fees & costs document. To view the current disclosure documents, select GSA from the Superannuation category at resolutionlife.com.au/performance.
GSA customers will be notified of the changes.
Updates to indirect investment costs for investment options
Every year we update the estimated indirect investment costs for each of our investment options, based on the underlying costs incurred over the last financial year. These underlying costs are deducted from the underlying assets of the investment portfolios and are reflected in the investment option's unit price or crediting rate.
When updating the estimated indirect investment costs, we make an assessment for each investment option as to whether the costs have changed significantly from the previous year. For most investment options, there have been no significant changes to the indirect investment costs. For a number of options (listed below), there has been a significant increase in the indirect investment costs over the last financial year. Customers who have been impacted by these changes will receive a letter from us shortly, providing them with more information.
| NMRF Product | Investment Option | Previous Indirect Inv Cost (% pa) | New Indirect Inv Cost (% pa) |
| MultiFund Flexible Income Plan | International Bond | 0.19% | 0.43% |
| MultiFund Flexible Income Plan | Listed Property 2 | 0.15% | 0.35% |
| MultiFund Flexible Income Plan | International Bond 2 | 0.40% | 0.76% |
| MultiFund Superannuation Bond | Listed Property 2 | 0.14% | 0.54% |
| Retirement Bond | Diversified Fixed Interest | 0.08% | 0.19% |
| Retirement Bond | International Shares | 0.01% | 0.13% |
| RLA Allocated Pension Plan | Australian Equities 3 | 0.08% | 0.23% |
| RLA Allocated Pension Plan | Wholesale Global Equity Fund | 0.00% | 0.15% |
| RLA Personal Super Plan | Diversified Fixed Interest | 0.08% | 0.19% |
| RLA Personal Super Plan | Australian Equities 3 | 0.10% | 0.24% |
| RLA Personal Super Plan | Wholesale Global Equity Fund | 0.02% | 0.16% |
| RLA Personal Super Plan | Specialist Australian Share | 0.27% | 0.42% |
For additional information on indirect investment costs, the latest fees and costs information for products and the current investment options, please visit resolutionlife.com.au/performance, select the product from the drop-down box available in the Superannuation or Retirement categories, and select the ‘Fees & costs’ and/or the ‘Investment report’ tabs.
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.
