About the Plan

The IAG & NRMA Superannuation Plan ("Plan") is a complying regulated superannuation fund, designed to help you save towards your financial goals for retirement.

The Plan has two sub-plans, namely:

  1. The IAG sub-plan for current and former employees and officers (and their eligible spouses) of companies in the Insurance Australia Group, and
  2. The NRMA sub-plan for current and former employees and officers (and their eligible spouses) of the National Roads and Motorists' Association and its related bodies corporate.

The Plan has an Accumulation Division and a Defined Benefit Division.

Generally, you belong to the Accumulation Division of the Plan if you joined the Plan after 1 January 1999, or if you have elected to transfer to this section. Otherwise, you belong to the Defined Benefits Division (which has been closed to new members since 1 January 1999). Some members who transferred in from the SGIC Staff Superannuation Fund, the RACV Superannuation Fund, the CGU Superannuation Fund or the CGU-VACC Pension Fund are also defined benefit members.

The benefits of the Plan are:

Low fees: Low administration fees means more money invested for your future.

A range of investment options: As a member you have the choice of how your super is invested. There are six investment options available under the Plan (for Retirement Income Stream members there are four investment options).

A range of member services including:

Choice of insurance cover: You can apply for different levels of death and total and permanent disablement cover under the Plan, although your application is subject to the Insurer's acceptance. Optional salary continuance insurance cover is also available.

Funeral benefit: A lump sum of $15,000 to assist with costs arising from your funeral. The cost of the insurance is deducted from your account.

Spouse membership: Your spouse can become a member of the Plan and you may be able to claim a rebate on the contributions you pay for your spouse

Continuation of membership on ceasing employment: If your benefit at the time of ceasing employment is at least $5,000 you can continue as a member of the Plan after leaving service. Whilst you remain a member of the Plan you will continue to receive death and total and permanent disablement insurance and your account can receive contributions from your new employer.

The Plan also offers members the option of two types of retirement income streams:

  1. A transition to retirement income stream (TRIS) – This is a “retirement phase” account for members who have reached their preservation age but are continuing to work.
  2. An allocated pension (AP) – this is a “retirement phase” account for members who have ceased employment and whose super is no longer subject to preservation, or for those members who have at least $50,000 of unrestricted non-preserved super.

To find out more, read the Product Disclosure Statement, which is available for download from the Documents section or call 1300 424 676.