NOTICE OF INTENTION
Proposed transfer of the life insurance business of Asteron Life & Superannuation Limited ABN 87 073 979 530 (Asteron Life) to TAL Life Limited ABN 70 050 109 450 (TAL Life).
Asteron Life and TAL Life give notice of their intention to make an application to the Federal Court of Australia (Federal Court) for confirmation of a scheme under Part 9 of the Life Insurance Act 1995 (Cth) to transfer the life insurance business of Asteron Life to TAL Life (the Scheme). The proposed effective date of the transfer is 12.01am (AEST) on 1 October 2021 (Effective Time).
The application is scheduled to be heard at 10 September 2021, or on such other time or date as the Federal Court appoints. The hearing will be heard at the New South Wales Registry of the Federal Court, located at Law Court’s Building, Queen’s Square, Sydney.
Affected policy owners have the right to attend the hearing and can request to be heard by the Court. If the Scheme is confirmed by the Federal Court, then it is proposed that with effect from the Effective Time, TAL Life will assume all of Asteron Life’s rights and liabilities in relation to all life insurance policies issued by Asteron Life. The contractual benefits and rights of Asteron Life policy owners will remain unchanged, other than:
- a change to the insurer; and,
- a change to the relevant statutory fund.
If you are affected by the Scheme
Any policy owner who may be affected by the Scheme is entitled to attend the court hearing and request to be heard on the application. If you wish to be heard at the hearing, please contact the lawyers for Asteron Life and TAL Life, Herbert Smith Freehills (attention: Michael Vrisakis), 161 Castlereagh Street, Sydney NSW 2000 (telephone 02 9225 5000) before the hearing date.
If you wish to obtain further information on your rights as a policy owner or if you have any questions about the Scheme, please contact 1800 316 355.
A copy of the Scheme document, the actuarial reports upon which the Scheme is based, and an independent actuarial report on the Scheme can be viewed online at:
- asteronlife.com.au/scheme-transfer; and
- tal.com.au/scheme-transfer.
A Scheme summary has been sent to affected Asteron Life policy owners.
These documents will also be available for inspection between 9am and 5pm each weekday from Friday 23 July 2021 to Friday 20 August 2021 (except public holidays in the relevant State or Territory) at the following places:
ACT
King & Wood Mallesons
Level 12, 1 Constitution Avenue
Canberra, Australian Capital Territory 2601.
Contact: Reception
NSW
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
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
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
Any Asteron Life policy owner and any TAL Life policy owner may obtain a copy of the Scheme document and the actuarial reports, free of charge, from the above offices during the inspection period, or by calling 1800 316 355.
It is in the interests of policy owners to examine the Scheme document and the actuarial reports so as to assure themselves that the Scheme, if confirmed, will not adversely affect their interests.
If you have any questions
Please contact our Contact Centre on 1800 316 355 if you have any questions in relation to the proposed transfer under the Scheme, or if you require further information on your rights as a policy owner.