Industry fund claims experience worse than retail: PWCBY LAURA MILLAN | FRIDAY, 4 APR 2014 12:15PMThe claims experience at industry superannuation funds has deteriorated in recent months and is now worse than in retail funds, PriceWaterhouseCoopers partner Barry Rafe said. Related News |
Editor's Choice
ASIC flags gaps in super fund valuations
ASIC has called for stronger scrutiny of unlisted investments after finding persistent weakness in how some superannuation funds and auditors assess asset valuations, raising concerns about the accuracy of members' retirement balances.
IMF sees inflation above RBA target through 2027
The International Monetary Fund (IMF) has projected Australia's inflation to ease to 3.1% in 2027 from 3.9% this year, leaving it outside the Reserve Bank of Australia's (RBA) target range of 2% to 3%.
Treasury consults shifting tax debts from victims to abusers
Treasury is consulting on extending the powers of the Australian Taxation Office (ATO) to strengthen its response to financial abuse.
Former adviser defies permanent banning orders
Former financial adviser Ezzat Daniel Nesseim has defied ASIC's permanent banning orders and is in the process of being prosecuted.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
From my experience in many Industry Funds the Risk Insurance drops off if there are no Employer contributions. This is how an Industry Super Fund explained why a dependant was to receive $8000 from his Fathers death (cancer) instead of $258,000. Father had increased cover, became ill with treatment and had to stop work therefore additional cover was automatically cancelled. It has taken 5 years and there has still been no payment made by the Industry Fund to the dependant and it was only when I became involved that the truth came out.
This does not happen if you use a professional adviser. But the Industry Super Fund has low fees which could mean you may end up with more in retirement.