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Showing 1 - 10 of 90 results for "Death benefits"

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 ...

'Our patience is running thin': ASIC

ELIZA BAVIN  |  THURSDAY, 15 AUG 2024
... about delays in claims doubled between 2022 and 2023. "We are particularly concerned about delays in processing death benefits claims, where complaints tripled over the same period," Constant said. "As you will know, as part of our review of superannuation ...

Industry demands action to stop abusers claiming victims' super

ANDREW MCKEAN  |  THURSDAY, 8 AUG 2024
... their victim's super. Additionally, they've advocated for reforms that would allow super funds to withhold death benefits in "substantiated cases of family violence." "Clear and robust evidence standards, judged by an independent body such as ...

AFCA seeks industry feedback on approaches

ELIZA BAVIN  |  FRIDAY, 14 JUN 2024
... superannuation. It is also looking to amend its approach to delayed insurance claims in the super industry and superannuation death benefits. In addition, it is seeking amendments and new approaches to various issues within the general and life insurance ...

AustralianSuper bears brunt of complaints: AFCA

KARREN VERGARA  |  TUESDAY, 11 JUN 2024
... related to account administration, followed by issues relating to group insurance (35.7%). A minority related to death benefits (11.5%) and pensions (0.89%). Victims of Dixon Advisory continued to file complaints with AFCA as 52 registered their issues ...

Super funds' IDR process weak, inadequate: AFCA

KARREN VERGARA  |  FRIDAY, 5 APR 2024
... complaints appropriately both at the IDR and external dispute resolution (EDR) level and consistently delayed processing death benefits and insurance claims. Once AFCA raised the issue with the fund, the trustee blamed its administrator for failing to ...

ASIC cracks down on scammers

CHLOE WALKER  |  MONDAY, 4 MAR 2024
... access low-fee accounts, and how superannuation trustees deliver important member services, such as how they handle death benefits claims," Longo said. "We will continue to work to ensure the financial system works for all Australians." At the same time ...

Major decline in group insurance coverage: ASFA

ANDREW MCKEAN  |  WEDNESDAY, 28 FEB 2024
... Interests First (PMIF) policies have contributed to a substantial reduction in superannuation insurance coverage for death benefits; a 36% reduction from June 2018 to June 2023. A comparable decline was observed in the coverage for Total and Permanent ...

Super funds convene with assistant treasurer

ANDREW MCKEAN  |  MONDAY, 26 FEB 2024
... discussion last week with Jones, focusing on how the government could expedite the process for insurance claims and death benefits. They also briefed the minister on new initiatives by super funds to improve service delivery. "The entire super industry ...

New caps can increase super contributions: SMSFA

KARREN VERGARA  |  THURSDAY, 22 FEB 2024
... withdrawals on exempt current pension income (ECPI), not wasting losses and/or negative earnings, and any tax on death benefits.
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