AustralianSuper to pay $4.2m for delayed claims handlingBY ELIZA BAVIN | THURSDAY, 21 NOV 2024 12:49PMThe super fund said it would soon start a program to compensate beneficiaries whose death benefit claims took longer than the fund's internal target handling time. Related News |
Editor's Choice
Future Generation appoints chief investment officer
Future Generation has appointed its first chief investment officer from Perpetual.
CSC sells down data centre holdings to Future Fund, Infratil
The Future Fund and Infratil will up their stakes in a local data centre services provider as the Commonwealth Superannuation Corporation (CSC) sheds some of its holdings.
Oaktree offers Star $650m lifeline
Oaktree Capital has offered embattled Star Entertainment a $650 million debt financing proposal.
Australian GDP growth 'steady but not solid': La Trobe
Speaking at the Financial Standard Chief Economists Forum today, La Trobe Financial head of investments and product David Tagg dissected some of the key economic themes for the year ahead.
Products
Featured Profile

Jelena Stevanovic
CHIEF EXECUTIVE OFFICER
PLATYPUS ASSET MANAGEMENT HOLDINGS PTY LTD
PLATYPUS ASSET MANAGEMENT HOLDINGS PTY LTD
As the new chief executive of Platypus Asset Management, Jelena Stevanovic hopes to continue the fund manager's long tradition of outperformance with patience and by fostering meaningful relationships with clients and staff. Karren Vergara writes.
In commercial reality, an insurance Death benefit should be paid in 30 days after the receipt of the Certified Copy of the Death Certificate and Certified Copy of the Nominated Beneficiaries ID. But administration with their corporate lawyers ask for other documents like certified copy of the WILL, which legally is not relevant but delays and confuses the process unnecessarily causing more grief. Therefore, compensation should be paid, instead of TV adds criticising financial advisers. If a financial adviser was involved, their advice would provide $42 million in appropriate insurable needs, not $4.2 million - tick a box bureaucracy.
Assuming that $4.2 million is the total cost to Aus Super that is an average of only $600 per claim which is paltry considering the impact on the claimant at what is arguably the most life changing and stressful times in their life.
This cannot be right?!