Articles for Super Funds

Superannuation giant Cbus cancels customer's insurance days before his death
1 month ago

Superannuation giant Cbus cancels customer's insurance days before his death

ABC  

Just 18 days before Russell Wayne Hirst died of a cardiac event in November 2021, Cbus cancelled his insurance policy. Government could legislate to force super funds to respond to claims faster Ms Ferrari-Hirst's case comes as Australia's $4 trillion superannuation industry faces a crackdown from corporate watchdog ASIC after damaging allegations about Cbus. Assistant Treasurer Stephen Jones told ABC …

Insurance Death Financial Customer Service Death Benefits Claims Fund
ASIC puts super funds 'on notice', says delays to death and disability claims are 'widespread'
1 month, 1 week ago

ASIC puts super funds 'on notice', says delays to death and disability claims are 'widespread'

ABC  

The chief executive of industry super fund Cbus has apologised in a Senate committee for the fund's "far from perfect" behaviour, amid warnings from ASIC that all providers should be "on notice" over bad behaviour. After the hearing, deputy chair of ASIC Sarah Court said it was not just Cbus who had done wrong, and all super funds would be …

Court Senate Super Funds Superannuation Hesta Cbus Asic
There's billions of lost money waiting to be claimed. Here's how to check if some is yours
1 month, 2 weeks ago

There's billions of lost money waiting to be claimed. Here's how to check if some is yours

ABC  

Australians have billions of dollars in lost and unclaimed money. For lost bank accounts, shares and life insurance, you can use ASIC Moneysmart's unclaimed money tool. "If someone finds they have unclaimed money using ASIC's Moneysmart online search, they will need to contact the relevant bank or institution where the money is held if the money is listed as 'banking' …

Medicare Money Bank Held Check Lost Claimed
AustralianSuper accused of greenwashing by investing funds from ethical option in coal, oil and gas industries
5 months ago

AustralianSuper accused of greenwashing by investing funds from ethical option in coal, oil and gas industries

ABC  

When Paul Bourne signed up to AustralianSuper's Socially Aware option six years ago, he was lured by its promise not to invest in companies that own fossil fuel reserves. While AustralianSuper's Socially Aware option excludes investments in shares and bonds issued by fossil fuel companies, it has no restrictions on other types of assets like property, infrastructure projects and direct …

Oil Investment Investments Coal Funds Super Super Funds
Ethical super savings found invested in controversial weapons manufacturers
5 months, 3 weeks ago

Ethical super savings found invested in controversial weapons manufacturers

ABC  

As war rages in Ukraine and the Middle East, weapons manufacturers are watching their profits and share prices soar. While there is no agreed industry definition of "controversial weapon", Morningstar's classification captures companies that make money from nuclear weapons, anti-personnel mines, cluster bombs, chemical and biological weapons, depleted uranium weapons and white phosphorus bombs. The bulk of the investments in …

Controversial Nuclear Weapons Investment Companies Japanese White Gaza
Tax office urges more than 4 million Australians to track down $16b in lost, unclaimed superannuation
6 months ago

Tax office urges more than 4 million Australians to track down $16b in lost, unclaimed superannuation

ABC  

In short: The tax office says there is $16 billion in lost and unclaimed superannuation in Australia, and 23 per cent of working Australians have more than one account. Super stapling Mr James said the next generation of workers will be less susceptible to having multiple super accounts since the federal government introduced super stapling in 2021. A spokesperson for …

Financial James Lost Queensland Unclaimed Super Super Funds
ExxonMobil, Woodside, Santos: Investigation finds sustainable super funds littered with $1 billion fossil fuel investment
1 year ago

ExxonMobil, Woodside, Santos: Investigation finds sustainable super funds littered with $1 billion fossil fuel investment

ABC  

These images greet visitors to the websites of some of Australia’s biggest superannuation funds. "It's quite shocking and really disappointing," said Kathy Macdonald, a member of industry fund NGS Super, which has investments in fossil fuel companies. Tasmanian-based fund Spirit Super's sustainable investment option only excludes fossil fuel investment in the "infrastructure asset class". CareSuper's sustainable investment option only excludes …

Oil Sustainable Fuel Funds Members Super Super Funds
Superannuation payout delays throw spotlight on 'harrowing' ordeal for families
1 year, 3 months ago

Superannuation payout delays throw spotlight on 'harrowing' ordeal for families

ABC  

John Bothman has been locked in a battle with one of Australia's largest funds to have his partner's superannuation paid out after her death. Key points: The partner of a deceased nurse struggles with her lengthy death benefits claim Aware Super, one of the largest funds in Australia, apologises and partially blames outsourced contractor The voluntary system of dealing with …

Death Claims Funds John Aware Super Julie
Superannuation returns went backwards last year. Will they bounce back in 2023?
1 year, 10 months ago

Superannuation returns went backwards last year. Will they bounce back in 2023?

ABC  

Australian super fund members have benefited from positive returns for years, but in 2022 our pool of retirement savings shrunk for the first time in more than a decade. Key points: Average super returns fell 4.3 per cent in 2022, according to Rainmaker Information It followed record gains in 2021, which experts say will soften the blow to retirement savings …

Retirement Markets Interest Rates Cent Funds Think Super
Before my husband's death, I thought we had our affairs in order. Now I'm dealing with a nightmare of administration
1 year, 10 months ago

Before my husband's death, I thought we had our affairs in order. Now I'm dealing with a nightmare of administration

ABC  

For the past eight years — since my husband's Alzheimer's diagnosis — I have been managing all our finances. Payments simply stopped Once the two super funds were notified of my husband's death, the pensions simply stopped. It seems that my husband's regular notifications to the funds that his pensions were to revert to me on his death were close …

Death Pension My Husband Situation His Death Super Funds Paperwork
The rising cost of living and global economic uncertainty mean older Australians such as Brett are delaying retirement
2 years, 4 months ago

The rising cost of living and global economic uncertainty mean older Australians such as Brett are delaying retirement

ABC  

When Brett Clements got his first job at 15, he dreamed that, if he worked hard, he would be able to enjoy the fruits of his labour and retire at 40, but it wasn't to be. Key points: The Superannuation Association of Australia estimates a single person needs $545,000 to retire comfortably One million people who withdrew some of their …

Retirement Money Political Donations Early Funds Members Abc
Superannuation fund investors are reinventing capitalism and their proxy advisers are under fire
2 years, 11 months ago

Superannuation fund investors are reinventing capitalism and their proxy advisers are under fire

ABC  

Capitalism is undergoing a reinvention. Mr Frydenberg said the changes would "close regulatory gaps and increase the transparency and accountability of proxy advice and the voting practices of superannuation funds". "Superannuation funds rely on proxy advice to make decisions on behalf of millions of Australians who, through their superannuation, have invested their savings in listed companies," he said. Advisers to …

Labor Advice Regulation Company Senate Investors Fund
Workers in underperforming superannuation funds could lose hundreds of thousands by retirement
3 years, 3 months ago

Workers in underperforming superannuation funds could lose hundreds of thousands by retirement

ABC  

It's hard to feel sorry for underperforming superannuation funds. On Tuesday, 13 big-name funds holding tens of billions of dollars of money invested by 1.1 million Australians failed the financial watchdog's performance test. The more than 1 million Australians who are members of underperforming superannuation funds will soon receive letters urging them to switch funds. The list of the nation's …

Retirement Money Test Fees Your Money Super Funds Photo
Australians urged to switch where they invest for retirement as best and worst superannuation funds revealed
3 years, 3 months ago

Australians urged to switch where they invest for retirement as best and worst superannuation funds revealed

ABC  

More than 1 million Australians who are members of underperforming superannuation funds will soon receive letters urging them to switch where they invest their retirement savings. APRA executive board member Margaret Cole said 84 per cent of products passed the performance test, "however APRA remains concerned about those members in products that failed". Super Consumers Australia director Xavier O'Halloran says …

Fees Cent Funds Invest Members Return Switch
Proxy adviser crackdown could censor activism on issues like executive pay, gender diversity and climate change
3 years, 6 months ago

Proxy adviser crackdown could censor activism on issues like executive pay, gender diversity and climate change

ABC  

When Rio Tinto destroyed a culturally significant cave in Western Australia's Juukan Gorge containing 46,000 years of human history, its board initially didn't appear to understand the gravity of the situation. Proxy advisers face new regulation But it's not the super funds that are under pressure over how they publicly agitate and, at times, vote against the re-election of directors …

Change Advice Shareholders Companies Pay Treasury Company
Superannuation increase faces growing opposition from Government MPs and economists
4 years, 3 months ago

Superannuation increase faces growing opposition from Government MPs and economists

ABC  

Like most people his age, 19-year-old Zac Webster doesn't pay a great deal of attention to his super. Key points: The superannuation employers must pay workers is legislated to rise from next year until it hits 12 per cent by 2025 A debate is brewing about whether the rise will mean employers refrain from increasing wages There are calls for …

Government Labor Retirement Money Workers Covid Funds
Is infrastructure an economic saviour or a white elephant? What COVID-19 can teach us about delivering big projects
4 years, 4 months ago

Is infrastructure an economic saviour or a white elephant? What COVID-19 can teach us about delivering big projects

ABC  

Governments are banking on infrastructure projects to help the Australian economy recover from the coronavirus recession. "Metronet is the biggest rail infrastructure program ever undertaken in Western Australia," WA Minister for Transport Rita Saffioti told 7.30. "The industry funds over the next three years, we've got plans to invest about $19.5 billion, and we think that'll create 200,000 jobs over …

Industry Infrastructure Projects Prime Minister Minister Covid Funds Think