Aon Master Trust has announced an upgrade to its insurance cover and pension capabilities and launched an asset allocation calculator.
Aon Master Trust Personal Super members now have automatic minimum-level insurance cover for death and total and permanent disablement without needing to supply health evidence, the company said.
The upgrade will protect members by providing basic cover without having to go through underwriting, according to Peter Lewis, head of retirement products at Aon Consulting.
A pension consolidation account and an asset allocation calculator to help advisers demonstrate the range of available investments are also now available, and will provide members with “a streamlined method of collating, holding and adding to their super before starting or recasting a pension,” Lewis said.
New members can now consolidate their super rollovers and make contributions to the one account before rolling over their benefits to buy an Aon Master Trust pension, Aon said.
Current members can commute their existing pension, roll the benefit back into super and make additional contributions or consolidate other rollovers in the account before buying a new pension.
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.