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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Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin 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.