MySuper flips members out of millions: CSSABY JAMES FERNYHOUGH | TUESDAY, 24 JUN 2014 12:30PMMySuper may be leaving some disengaged members with much lower life insurance cover thanks to a new form of 'flipping', the Corporate Super Specialists' Alliance (CSSA) has warned. Related News |
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Blake Briggs
CHIEF EXECUTIVE OFFICER
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Anyone who couldn't see this happening mustn't have been listening to the industry submissions before the rules for "stupid super" were legislated by the former Labor government. Goes to show what the then govt was doing....yep, not listening. It cannot be an unintended consequence when everyone else is telling you it's going to happen!
The super fund member also has no recourse against anyone for benefits lost. This was written into the legislation.