A retail superannuation fund has reappointed OnePath as its insurer, and is trimming premiums by about 20%.
Virgin Money Super has renewed OnePath Life for three years starting December 1. The mandate is for death, total and permanent disablement (TPD) and income protection (IP) cover.
The fund is managed by Mercer and operates as a sub-plan of the Mercer Super Trust. It had about $670 million in assets under management in June.
Virgin has also informed its members that premium rates will come down for all cover types.
Weekly premiums for death (including terminal illness) cover will reduce by 21% for the same amount of cover.
Death (including terminal illness) and TPD cover's premium will reduce by 22%.
For income protection, the premiums will come down by 20%.
Starting January 1, Virgin Money Super will also increase its allocation to growth assets, such as shares, by 5% in three options: the LifeStage Tracker, Enhanced Index Growth and Enhanced Index Conservative Growth.