Scheme Transfer

Transfer of Asteron Life’s life insurance business to TAL Life

Public inspection alert: Due to the ongoing COVID-19 situation in Australia, policy owners will be unable to inspect documents about the proposed Scheme in person, in certain States or Territories while a lockdown or other public health order is in effect. This situation is subject to change. To check if your State or Territory is affected, see the FAQs below.  You can still download these documents in the Documents section of this webpage. You can also contact us at 1800 316 355 Monday to Friday, 8am – 6pm (AEST), SchemeSupport@tal.com.au or through the webform below to request a copy of these documents.

Transfer of the life insurance business from Asteron Life to TAL Life

TAL Life Limited (TAL Life) and Asteron Life & Superannuation Limited (Asteron Life) intend to apply to the Federal Court of Australia (Federal Court) for confirmation of a scheme under Part 9 of the Life Insurance Act 1995 (Cth) (Life Act) to transfer the life insurance business of Asteron Life to TAL Life Limited (Scheme).

TAL Dai-ichi Life Australia Pty Limited purchased Asteron Life on 28 February 2019. Following this acquisition, a strategic review across both TAL Life and Asteron Life was completed with the intention of creating a single, market leading life insurer, to deliver the best outcomes for our customers.

While a significant milestone for our business, the proposed Scheme will not affect your policy terms and conditions, or how you do business with us.

To help ensure you have access to everything you need to know about the proposed Scheme, this webpage includes:

  • a general overview of the proposed Scheme;
  • answers to a list of Frequently Asked Questions;
  • a copy of documents relating to the proposed Scheme; and
  • details on what you can do about the proposed Scheme.

You can speak with us about the proposed Scheme by:

  • sending us a message through our online form. We will contact you within 3 - 5 business days;
  • sending us an email at SchemeSupport@tal.com.au; or
  • contacting us by phone at 1800 316 355. You can contact us on this number from Monday to Friday, 8am – 6pm (AEST).

When is this transfer proposed to occur?

The Scheme can occur only if it is confirmed by the Federal Court. The Federal Court is scheduled to hear an application to confirm the Scheme at 10:15am on 10 September 2021.

The Scheme is proposed to take effect at 12.01am (AEST) on 1 October 2021 or on such other date as the Federal Court may determine (Effective Time).

For more information about the process, please refer to the FAQs – What is the process for the proposed Scheme?

What does this mean for you?

The proposed Scheme will not change existing policy terms and conditions or how you interact with us, other than, if you own an Asteron Life policy:

  • a change to the insurer of your policy, (that is, TAL Life will replace Asteron Life);
  • a change to the relevant statutory fund referable to your policy (that is, your policy will become part of TAL Life’s Statutory Fund No.1 or TAL Life’s Statutory Fund No.2);
  • TAL Life will be responsible for administering your policy and paying any claims and meeting all other obligations under your policy; and
  • premiums will be payable to TAL Life, but you will not have to change your payment arrangements as this will occur automatically.

Your policy or product terms and conditions won’t change

The proposed Scheme will not reduce or change your benefits or rights available under your policy, existing policy terms and conditions, current investments or how we work with our corporate partners, trustees and funds in supporting policyholders.

How you manage your policy or product won't change

You can still contact us the same way you currently do to manage your policy or product. Payments will remain the same, and you do not need to update any payment or bank account details. You may notice a name change on your bank statement from Asteron Life to TAL Life.

Branding updates

There are no changes to the brands as a result of the transfer. This means your policy documents will continue to look the same.

Contact Us

We’re here to answer your questions about the Scheme.

Customer and Adviser enquiries:
1800 316 355
Monday to Friday, 8am – 6pm (AEST)

Send us a message using the form below.

 

Note: The way we collect, use and disclose your personal and sensitive information is outlined in our Privacy Policy, which is available at www.tal.com.au/privacy-policy or www.asteronlife.com.au/privacy.

Documents

Frequently Asked Questions

We’ve put together a list of Frequently Asked Questions (FAQs). If you have further questions, please contact us.

Frequently Asked Questions

What is a Part 9 transfer or Scheme?

Part 9 of the Life Act provides that no part of the life insurance business of a life company may be transferred to or amalgamated with the business of another life company, except under a scheme confirmed by the Federal Court.

Put simply, a scheme provides for the transfer or amalgamation of life insurance businesses. Upon confirmation of the scheme by the Federal Court, the scheme becomes binding on all persons and has effect in spite of anything in the constitution of any company affected by the scheme.

What is the process for the Scheme?

Asteron Life and TAL Life are required to take certain steps to provide notification of the proposed Scheme, before an application can be made to the Federal Court for confirmation.

The application for confirmation of the Scheme is scheduled to be heard by the Federal Court in Sydney, at 10:15am on 10 September 2021.

When the Federal Court confirms a Scheme, it also determines the exact time and date of the transfer. TAL Life and Asteron Life have proposed an effective time and date for the Scheme of 12.01 am on 1 October 2021.

What happens if the Federal Court does not confirm the Scheme?

The Scheme cannot proceed unless it is confirmed by the Federal Court.

If the Federal Court does not provide its confirmation, then Asteron Life’s life insurance business will not transfer to TAL Life, and the parties will continue to work towards implementing the transfer at a later date.

Am I affected by the transfer?

You may be affected by this transfer if you are a policyholder, a potential beneficiary, or have a current claim under a policy that is insured by TAL Life or Asteron Life.

The appointed actuary of Asteron Life and TAL Life and an independent actuary have concluded that the contractual benefits and rights of TAL Life and Asteron Life policy owners will not be adversely affected by the proposed Scheme. Your policy terms and conditions will not change as a result of the transfer.

You are not required to take any action before or after the proposed Scheme. However, you may wish to provide feedback.  See "What happens if I want to provide feedback on the Scheme?" for more information.

What is changing as a result of the Scheme?

If the Scheme is confirmed, all life insurance policies previously issued by Asteron Life will automatically become TAL Life policies.

Asteron Life policy owners may notice a name change on your bank statement from Asteron Life to TAL Life. This is a name change at our end only. You do not need to update any payment or bank account details.

Apart from that there are no changes to existing terms and conditions of both TAL Life and Asteron Life policies. 

In addition, there will be no change to the services offered, claims payment or processing arrangements, or our quality of service.

Do I need to do anything?

There’s nothing that you need to do. Asteron Life’s policy owners’ policies will be automatically transferred to TAL Life if the Scheme is confirmed.

Will banking or payment arrangements for premiums change?

Payment arrangements including bank account numbers will not change and premium payments will continue as normal. There may be a name change on your bank statement from Asteron Life to TAL Life. This is a name change at our end only. You do not need to update any payment or bank account details.

What does the Scheme mean for my policy or product?

The terms and conditions of your policy will not change as a result of the proposed Scheme. The transfer simply means that Asteron Life policies will be transferred from Asteron Life to TAL Life. You do not need to do anything as a result of the transfer.

Can a policy owner opt-out of the transfer?

If the proposed Scheme is confirmed, all Asteron Life policies will automatically transfer to TAL Life. Policy owner consent is not required for this transfer to occur.

You cannot opt-out of the proposed Scheme. However, you can request to be heard by the Federal Court when it considers whether to confirm the proposed Scheme (see ‘Can I be heard in the Federal Court?’ below).

Which brands are affected by the Scheme?

Asteron Life uses several brands or associated trademarks, including AAMI, Apia, GIO and Suncorp which are registered trademarks of entities in the Suncorp Group and are used by Asteron Life under licence.

All life insurance and investment products issued under those brands and any associated services will transfer to TAL Life by virtue of the Scheme. You can find the complete list of products transferring to TAL Life in the Scheme Summary, available under Documents below.

The ongoing use of Suncorp brands is subject to arrangements between TAL Life and Suncorp. There are no changes to brands currently used as a result of the Scheme.

How are the interests of affected policy owners protected?

We are committed to protecting the interests of our policy owners and beneficiaries. 

  • Reports have been prepared by the TAL Life and Asteron Life appointed actuary who concluded that the Scheme will not adversely impact the contractual benefits and rights or the reasonable benefit expectations of the TAL Life and Asteron Life policyholders. The appointed actuary concluded that the security of TAL Life and Asteron Life policyholders' benefits will continue to be appropriate following the Scheme.
  • An independent actuary has also confirmed that the Scheme will not adversely affect policy owners of Asteron Life and TAL Life.
  • Copies of the actuaries’ reports are available to download under Documents.
  • The Scheme is subject to confirmation by the Federal Court. In confirming the Scheme, the Federal Court will consider the impacts of the Scheme on policy owners, including any adverse impacts.
  • Any affected policy owner may attend the hearing at the Federal Court and can request to be heard on the application for confirmation of the Scheme. If you wish to be heard at the hearing, please contact the lawyers for Asteron Life and TAL Life before the scheduled hearing date of 10 September 2021:

    Herbert Smith Freehills
    Attn: Michael Vrisakis
    161 Castlereagh Street
    Sydney NSW 2000
    Tel: 02 9225 5000

What happens if I want to provide feedback on the Scheme?

You can provide feedback, by:

  • sending us a message through our online form. We will contact you within 3 - 5 business days;
  • sending us an email at SchemeSupport@tal.com.au; or
  • contacting us by phone at 1800 316 355, from Monday to Friday, 8am – 6pm (AEST).

Policy owners can also request to be heard in the Federal Court. If you wish to do so, please contact TAL Life and Asteron Life’s lawyers before the scheduled hearing date of 10 September 2021, at:

Herbert Smith Freehills
Attn: Michael Vrisakis
161 Castlereagh Street
Sydney NSW 2000
Tel: 02 9225 5000

Can I be heard in the Federal Court?

Yes, affected policy owners can attend the Federal Court confirmation hearing and can request to be heard by the Federal Court. The Federal Court confirmation hearing is scheduled to be held at 10:15am on 10 September 2021.

If you would like to be heard in the Federal Court, please contact TAL Life and Asteron Life’s lawyers:

Herbert Smith Freehills
Attn: Michael Vrisakis
161 Castlereagh Street
Sydney NSW 2000
Tel: 02 9225 5000

 

I would like to review the Scheme documents. Can I access them?

The Scheme document, Scheme summary, the independent actuary’s report, the appointed actuary reports and the notice of intention are available in Documents.

As a policy owner you can also inspect and request a physical copy of the above documents during the inspection period, which runs from Friday 23 July 2021 to Friday 20 August 2021 from 9:00am to 5:00pm (except weekends and public holidays in the relevant State or Territory). You can inspect the documents at the locations set out below, subject to the public health orders in your State or Territory due to COVID-19.

Please note you may be required to follow COVID-19 health and safety directions when attending these locations, and that some inspection locations may be closed due to public health restrictions and COVID-19 case numbers.

The COVID-19 situation in Australia is changing frequently. Some locations listed below may be closed if public health orders will prevent us from facilitating a public inspection in that location. The list below outlines which offices are currently expected to be closed. These offices will not open until after restrictions are lifted and local health directions allow for the offices to be reopened.

ACT
King & Wood Mallesons
Level 12, 1 Constitution Avenue 
Canberra, Australian Capital Territory 2601.
Contact: Reception

NSW – Currently closed due to COVID-19 public health orders
Herbert Smith Freehills
Level 34, ANZ Tower, 161 Castlereagh Street,
Sydney, New South Wales 2000.
Contact: Reception

NT
HWL Ebsworth

Level 9, Mitchell Centre
59 Mitchell Street
Darwin, Northern Territory 0800.
Contact: Reception

QLD
Herbert Smith Freehills

Level 31,480 Queen Street, Brisbane,
Queensland 4000.
Contact: Reception

SA – Currently closed due to COVID-19 public health orders
DMAW Lawyers

Level 10, 81 Flinders Street, Adelaide, South Australia 5000.
Contact: Reception

TAS
Dobson Mitchell Allport Lawyers

59 Harrington Street,
Hobart, Tasmania 7000.
Contact: Reception

VIC – Currently closed due to COVID-19 public health orders
Herbert Smith Freehills

Level 42, 101 Collins Street
Melbourne, Victoria 3000.
Contact: Reception

WA
Herbert Smith Freehills

Level 36, QV.1 Building,
250 St Georges Terrace,
Perth, Western Australia 6000.
Contact: Reception