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Showing 1 - 10 of 169 results for "Death benefit"

Super lobbies welcome bipartisan support to fight financial abuse

ELIZA BAVIN  |  MONDAY, 28 APR 2025
... perpetrators of violence to inherit victims' super. "Under current laws, an abuser can receive a victim's super death benefit unless they are the direct cause of that person's death," Schubert said. "This applies even if the perpetrator has been convicted ...

Government to 'crack down further' on financial abuse

ANDREW MCKEAN  |  WEDNESDAY, 23 APR 2025
... these reforms are about standing up for victims of family violence. "A perpetrator getting their victim's super death benefit is an extension of the abuse. The intention to introduce these reforms is a critical step towards ensuring that people's superannuation ...

Paying more fees doesn't speed up superannuation death benefit payouts

ANDREW MCKEAN  |  THURSDAY, 10 APR 2025
... paid out faster, according to research by Super Consumers Australia (SCA). In the wake of a review by ASIC into death benefit claims handling practices of superannuation trustees last month, which unearthed systemic failures that force Australians to ...

ASIC asks for input on reportable situations, IDR dashboards

JAMIE WILLIAMSON  |  THURSDAY, 10 APR 2025
... remedy. The top three products for superannuation complaints were superannuation account (73%), pension (11%), and death benefit (5%). The top three issues were service-related issues (26%), delay in following instructions (12%), and technical problems ...

Not one trustee tracked end-to-end claims handling times: ASIC

ANDREW MCKEAN  |  MONDAY, 31 MAR 2025
... review of major superannuation trustees by ASIC found that not even one monitored or reported on the full process of death benefit claims handling. The review of superannuation trustees including, Australian Retirement Trust, Avanteos (Colonial First ...

ASIC, ASFA spar over super fund trustees 'not knowing' their business

ANDREW MCKEAN  |  THURSDAY, 13 MAR 2025
... Directors Australian Governance Summit, Longo pointed to AustralianSuper's alleged delayed processing of nearly 7000 death benefit claims and its failure to merge multiple accounts, Aware Super charging fees for no service, Westpac/ BT incorrectly ...

AustralianSuper sued over death benefit delays

JAMIE WILLIAMSON  |  WEDNESDAY, 12 MAR 2025
Australia's largest super fund is being sued by ASIC over the delayed processing of close to 7000 death benefit claims, with some beneficiaries left waiting four years for a payout. The regulator has commenced federal court proceedings against AustralianSuper ...

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 ...
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