Ambos to get extra cover, thanks to First State

NSW Ambulance officers have secured additional insurance benefits, to be funded by their employers.

Employers of ambulance officers are to pay an additional 2.12 per cent on top of the superannuation guarantee, to cover the higher level of TPD and death cover these workers require.

First State Super, the default fund for most ambulance officers, has about 3000 members who would qualify for the extra cover. FSS recently awarded group risk insurer International Underwriting Services a mandate to provide the additional insurance to its members.

IUS will also oversee the total disabilty claims process for the Ambulance Service of NSW, including the income claims for which it is not the provider.

It is understood that the Health Services Union, which represents ambulance service employees, had been lobbying for better cover for some time.

  

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Canada establishes new SWF amidst global push for nation-building investment

Canada has established its first national-level sovereign wealth fund with a seed of C$25 billion to underwrite “nation-building” projects like ports, mines and energy infrastructure. In an unusual funding mechanism, the fund will issue a retail product that will allow individual investors to invest with the SWF and “participate in Canada’s growth”.

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