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Showing 61 - 70 of 210 results for "Death benefit"

Brighter Super makes fee, death benefit changes

JAMIE WILLIAMSON  |  THURSDAY, 28 NOV 2024
Brighter Super is reducing administration fees from January 1, while also introducing a weekly account keeping fee. It's also changing the way death benefits are dealt with. Effective January, the annual percentage-based admin fee charged to Brighter ...

AustralianSuper to pay $4.2m for delayed claims handling

ELIZA BAVIN  |  THURSDAY, 21 NOV 2024
AustralianSuper will compensate around 7000 beneficiaries to the sum of $4.2 million for death benefit claims that took longer than the fund's internal target handling time of four months from the date when the claim form was received. The fund ...

ASIC flags 'consistently weak' claims processes

JAMIE WILLIAMSON  |  WEDNESDAY, 20 NOV 2024
Following its recent action against Cbus, ASIC has warned all super trustees to ensure they are processing death benefit claims efficiently, saying it has seen "consistently weak" practices and "operational failures." ASIC has put super funds on notice ...

ASIC escalates super fund enforcement in 2025

KARREN VERGARA  |  FRIDAY, 15 NOV 2024
... effective ASIC's enforcement has been. "But certainly, member services failures go well beyond the payment of death benefit claims and disability claims. We're really sending a signal to that sector to say, 'your members have rights and entitlements ...

Super lobbies call for death benefit reforms

ELIZA BAVIN  |  THURSDAY, 14 NOV 2024
... deserve better outcomes from their super funds, but said reforms are needed. ASFA chief executive Mary Delahunty said death benefit payments are often complex, but that super funds have been focused on "unpicking the barriers" to better serve their members. ...

AFCA names and shames in fresh Datacube release

ELIZA BAVIN  |  THURSDAY, 14 NOV 2024
... facing proceedings in the Federal Court over delays in paying death benefits. Datacube reveals that while Cbus had 48 death benefit distribution complaints progress, AustralianSuper had the most with 115. Unsurprisingly, in the financial advice sector ...

Super complaints rise in FY24: AFCA

ELIZA BAVIN  |  THURSDAY, 31 OCT 2024
... notably complex, with trustees given 30 days for initial resolutions, 45 days for other complaints and 90 days for death benefit distribution complaints," AFCA said. "Despite these extended timelines, 12% of cases were resolved within 30 days and 33% ...

Brighter Super increases retirement bonus

JAMIE WILLIAMSON  |  THURSDAY, 10 OCT 2024
... including pension account applications and intention to claim a tax deductions forms. Claims processing for low-value death benefit claims has also been simplified, and the process for TPD claims has also been enhanced.

AustralianSuper updates deceased members' investments

KARREN VERGARA  |  WEDNESDAY, 9 OCT 2024
... or more of your beneficiaries." Before October 1, funds remained invested in the same option or options until the death benefit is paid out to beneficiaries. For those with death insurance cover, such proceeds also formed part of the death benefit. Also ...

AFCA consults on revised superannuation death benefits

MATTHEW WAI  |  TUESDAY, 8 OCT 2024
The Australian Financial Complaints Authority (AFCA) is seeking feedback on how it approaches superannuation death benefits in hopes to reduce disputes and misunderstandings when processing such complaints. This follows on from another consultation ...