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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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.