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Showing 11 - 20 of 172 results for "Death benefit"

Insurance through superannuation stages a comeback

ANDREW MCKEAN  |  TUESDAY, 4 MAR 2025
... just weeks to live. Meanwhile, ASIC has turned its attention to AustralianSuper, investigating claims of delays in death benefit payments - raising questions about whether the system designed to protect members is instead failing them at their most vulnerable. ...

Multiple account bungle costs AustralianSuper $27m

KARREN VERGARA  |  FRIDAY, 21 FEB 2025
The Federal Court today slapped AustralianSuper with a $27 million fine for dragging its feet on a multiple account bungle that lasted more than four years. Judge Hespe found that AustralianSuper failed to promptly identify and merge members' multiple ...

Bragg accuses ASIC of secrecy

ELIZA BAVIN  |  THURSDAY, 20 FEB 2025
Senator Andrew Bragg has questioned ASIC over how it handles investigations and proceedings against superannuation funds when it comes to claims handling delays. The back and forth with ASIC commissioner Simone Constant consisted largely of Constant ...

Super's operational infrastructure 'not quite right'

ELIZA BAVIN  |  FRIDAY, 14 FEB 2025
... servicing - which have been heightened in the wake of Cbus and AustralianSuper admitting to failures to deliver timely death benefit claims - which it said stand as an indication that "something is not quite right" somewhere in the system. "We suspect ...

Industry fund insurance bungle adds fuel to mounting outrage

ANDREW MCKEAN  |  THURSDAY, 13 FEB 2025
... as other major superannuation funds have been caught up in ASIC investigations and legal action for stalling on death benefit payouts. The industry fund, which has over two million members, wrote to impacted members acknowledging the mistake made with ...

AustralianSuper under investigation for delayed death benefit payouts

ANDREW MCKEAN  |  THURSDAY, 6 FEB 2025
... AustralianSuper announced last November that it would compensate around 7000 beneficiaries with $4.2 million for death benefit claims that exceeded the fund's internal target of four months from the date a claim was received. At the time, the fund ...

Minimum service standards for super funds welcomed

ELIZA BAVIN  |  WEDNESDAY, 29 JAN 2025
Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones announced new mandatory minimum service standards for all large APRA-regulated superannuation funds. Chalmers said the reforms will improve member outcomes and how funds engage with their ...

Hostplus' AFCA complaint response times lag

ELIZA BAVIN  |  MONDAY, 16 DEC 2024
... of complaints handling by superannuation trustees. The report also outlined how long the fund takes to deliver a death benefit claim from the notification of death to the payment - something which ASIC has been cracking down on super funds for of late. ...

Top superannuation policy priorities for 2025: SMC

ANDREW MCKEAN  |  TUESDAY, 10 DEC 2024
... digitising binding death nominations and the standardising death certificate and proof of identify processes to expediate death benefit payments. It explained complex claims, such as those involving multiple death benefit claimants, complex relationship ...

Superannuation tax shakeup proposed by Actuaries Institute

ANDREW MCKEAN  |  MONDAY, 9 DEC 2024
A discussion paper commissioned by the Actuaries Institute has proposed a three-pronged tax reform package aimed at making the superannuation system less complex, more equitable, and sustainable. The professional body argued that the complexity of taxes ...