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 |
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Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
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.