Means sickness, disease or disorder.
Refers to asset classes that typically derive their investment performance from the payment of regular income distributions, such as cash deposits or fixed income investments. Income assets may incur losses in the short term, but are generally less volatile that growth assets.
(a) If a person owns part of a business in which they perform their regular occupation, income is the total amount earned by that business as a direct result of their personal exertion, less their share of business expenses, but before income tax is deducted for the same period; or
(b) If a person is employed on a permanent or casual basis or works as a contractor, income is the total annual remuneration (before-tax and excluding superannuation contributions of 10% or less) earned by them from all regular occupations including:
(i) Fringe benefits that they receive from their employer through salary sacrifice, and will benefit from for at least six months after the date that the salary, which they sacrificed for the fringe benefit, would have been paid by an employer; and
(ii) Performance related annual bonuses, commissions, overtime payments and shift allowances (averaged over the previous two years or the period that they have been receiving such payments, whichever is shorter); and
(c) Does not include investment income, income received from deferred compensation plans, disability income policies or retirement plans, or income not derived from vocational activities or personal exertion; or
(d) If a person is not employed, income is the average of their regular income as defined above over the previous 12 months or the actual period if less, subject to a minimum averaged period of 6 months.
Income producing duty
A duty of the covered persons occupation that generates at least 20% of the covered persons monthly income.
insurance cover to provide a regular income if you are disabled or partially disabled through injury or illness and are temporarily unable to work.
Indirect cost ratio
The indirect cost ratio (ICR), for an investment option offered by the fund, is the ratio of the total of the indirect costs for the investment option, to the total average net assets of the fund attributed to the investment option.
Bodily injury which is caused solely and directly by external, violent and accidental means and is independent of any other cause.
A fee is an insurance fee if:
(a) the fee relates directly to either or both of the following:
(i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or members of the entity;
(ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and
(b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and
(c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or an advice fee.
The sum of money paid to purchase insurance against death, total and permanent disability or income protection.
MetLife Insurance Limited ABN 75 004 274 882, AFSL 238096.
Any service where you can access your accounts electronically using a secret code, such as an Access Code and/or personal identifiers. It includes the ING interactive phone service, mobile banking and the ING website.
two persons (whether or not related by family) have an interdependency relationship if:
(a) they have a close personal relationship; and
(b) they live together; and
(c) one or each of them provides the other with financial support; and
(d) one or each of them provides the other with domestic support and personal care.
Two persons (whether or not related by family) may also have an interdependency relationship despite not satisfying the above conditions (b) to (d) if either or both of them suffer from a physical, intellectual or psychiatric disability.
An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:
- fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
- costs that relate to the investment of assets of the entity, other than:
(i) borrowing costs; and
(ii) indirect costs that are not paid out of the superannuation entity that the trustee has elected in writing will be treated as indirect costs and not fees, incurred by the trustee/s of the entity or in an interposed vehicle or derivative financial product; and
(iii) costs that are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.
the investment options you choose to invest in and the percentage of your account balance that you choose to put into each of those options.