Australia: Aviva super revolution

The employer sponsored superannuation market was today revolutionised with the release of Aviva's new Navigator Business Super product.

Andrew Barker, general manager - wealth management products, said the new product was the result of the increasingly blurred lines between what providers were offering across market segments traditionally defined as Industry Funds and Retail Funds.

"Recognising the need for both of these provider segments, we took the best from each to create this new product.

"Navigator Business Super now has the simplicity of an Industry Fund and the value of service and advice typically associated with Retails Funds," he said.

"The combination will revolutionise Super for advisers, employers and members, by making it simple, affordable and flexible."

Features of the new product include a simplified flat fee structure typically associated with industry funds, enhanced group life offering and improved ancillary benefits package.

"These enhancements, coupled with our dedicated service and support, make Navigator Business Super the automatic and easy solution for employer sponsored superannuation," Andrew said.

Specific enhancements include:

• The replacement of four existing fees with one A$3 per week member administration fee for all new Employer Plans from 1 March 2008
• Enhanced Group Life offering:
  • Increased Automatic Acceptance Limits
    significant increases in the maximum cover available for both death and TPD
  • A reduction in the hours worked required for eligibility
  • A simplification of eligibility requirements 
    the introduction of "own" occupation TPD cover 
    the introduction of a market leading future insurability benefit (members will automatically be entitled to increased cover at different "life stages" such as marriage or obtaining a mortgage for the first time)
• Dynamic Default Trustee Investment Option has been added which actively manages the investment strategy of members who use the Trustee Default as they age
• Improved Ancillary benefits offering through partnership with Wizard Home Loans (discounted home loans made available to members of Navigator Business Super) and access to innovative remuneration packaging and employee benefit strategies through a relationship with Salaris Consulting
• Improved technology and functionality made available to employers including the ability to remit contributions via BPay
• A tailored investment options menu that has been specifically designed to best meet the needs of the employer sponsored market.

"These enhancements substantially build on the Navigator Business Super product which already enjoys the highest possible ratings from Chant West (5 Apples), Heron (5 Stars) and Selecting Super (AAA)," Andrew said.

-ends-

Contact:
Ariana Alvarenga
Public Relations
Phone: (03) 9829 8985
Mobile: 0409 187 487

Notes to editors:

About Aviva
We are the Australian face of the global Aviva group - a world leader in financial services.

Aviva is the world's fifth-largest insurance group and the largest insurance services provider in the United Kingdom. We are the leading provider of life and pension products in Europe and are actively growing our long-term savings businesses in Asian markets, the USA and Australia.

We have premium income and investment sales of $103.35 billion and $764.66 billion of assets under management. Our 59,000 employees serve over 40 million customers.

Aviva has over 150 years of continuous operation in Australia, where our main activities are life insurance, investments and superannuation.

Aviva's consistent record of innovation in the financial planning market dates back to the early 1990s when its Navigator technology and platform first allowed a range of investments to be consolidated into one portfolio. Today, Aviva continues to lead the industry with award-winning wealth creation and wealth protection products.

Portfolio Partners, a funds management company which is also part of the Aviva group, operates independently in Australia. Together we manage or administer more than $27 billion in funds for more than 300,000 customers.

*Figures quoted are at end 31 December 2007 and in Australian dollars.