ING’s OneAnswer lowers pricing and boosts insurance

ING will lower pricing and enhance the insurance offering on its flagship platform, OneAnswer, as part of the company’s ongoing drive to make it even more competitive.

The enhancements will be effective June 12.

“We are continually listening to advisers’ and researchers’ feedback, which is essential in such a competitive market,” said Alexis George, Executive Director, Personal Investments.

“These pricing and other initiatives are all part of our efforts to position OneAnswer at the forefront of the retail platform market.

“Ongoing fees for OneAnswer Personal Super and OptiMix funds will be reduced by up to19 basis points and annual investor fees will be charged only on balances below $10,000 rather than $50, 000,” Ms George said.

“This change will mean an average investor with a $40,000 balance would save $105 per annum, if the funds were invested in the ING Balanced fund.”

Insurance premium rates for Death Only and Death and Total and Permanent Disability will also be reduced by an average 12% across all age groups, and minimum premiums will be reduced from $200 to $150 per annum.

“OneAnswer has sufficient scale to pass on favourable pricing concessions to investors, increasing affordability,” Ms George said.

“Advisers have been saying for a while that insurance needs to be more accessible and flexible.

“In an industry first for master trusts, only one simple application form is required for insurance via OneAnswer Personal Super, making things easier for advisers and clients.”

“Addressing the chronic underinsurance issue in Australia is a crucial responsibility for advisers. It is important they are supported in their efforts by having access to platforms that have both comprehensive investment and insurance features.”

In a recent competitive analysis report Investment Platforms, research company Investment Trends found OneAnswer had the most complete platform risk offering.

Other enhancements include:

• OneAnswer non-commutable pensions will expand to include non-preserved benefits,
• A new Terminal Illness benefit will be introduced,
• The new OptiMix Geared Australian Share fund on OneAnswer Investment Portfolio, Personal Super and Pensions will be available July 20,
• The Product Disclosure Statement has been simplified, based on feedback from advisers