US Edition‘Behind every claim is a grieving family’. Death benefits inquiry demands change but lacks penalties
- The Australian Securities and Investments Commission reported that none of the 10 superannuation trustees monitored or reported their handling times for death benefit claims, impacting 38% of member benefits.
- ASIC found that 78% of reviewed claims faced delays due to processing issues controlled by the trustees, with First Nations members experiencing greater delays.
- In one case, a trustee took over 500 days to pay a $100,000 death benefit, failing to respond to the grieving widow's concerns.
- ASIC Chair Joe Longo stated that leadership in the superannuation sector must improve its data and processes to avoid further customer suffering.
15 Articles
15 Articles
Super industry apologies for systemic failures that caused grieving Aussies 'genuine suffering'
The superannuation industry has apologised for systemic failures that left Australians grieving the death of a loved one with added distress.The Australian Securities and Investments Commission (ASIC) released its landmark death benefit claims handling report today which investigated 10 trustees — Australian Retirement Trust, Avanteos, Brighter Super, Commonwealth Superannuation Corporation, HESTA, Hostplus, NM Super, Nulis, Rest and UniSuper — …
Watchdog delivers scathing review into super funds on death benefit claims
Australia's corporate watchdog calls on superannuation funds to overhaul the way they deal with death benefit insurance claims, noting excessive delays, poor customer service and ineffective claims handling.
Sydney Morning Herald
The AgeGrieving Australians are suffering because of super fund failure: ASIC
The corporate watchdog has blasted top superannuation executives for failing to prioritise grieving families when paying out their members’ death benefits.
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