Super fund took more than 500 days to approve death benefit for grieving widow, Asic says
Super fund took more than 500 days to approve death benefit for grieving widow, Asic says
Landmark report makes 34 recommendations to overhaul the superannuation sector, citing delays, poor customer service and ineffective procedures
@BrikoX
These are not "poor industry practices." They are design features.
A similar thing happened with my father's life insurance after he died, aged 43, in 1977.
His insurance company (Norwich Winterthur) took over a year to pay the benefit to my mom.
The only thing that kept our family housed and not sliding into poverty for that year was the whip-around organised by the unions, all of them, at the place where Dad worked.
Join your union, and be active in it. You never know when you'll need them.
Did they had to pay interests or penalties? I work in insurance in Brazil, and here the insurance company has to pay 30 days after it received the documentation for the claim, if they don't pay they have to pay 1% interest rate monthly and monetary correction (inflation). Sometimes we just pay even suspecting fraud because the risk of losing a long judicial process is not worth.
The etire super industru js bemusibg to me, it's diesgned for grifters to take a % of the top.
I remember an article over a decade or more ago in the AFR saying if government were serious about Suoer recorm, all thats needed is two dozen people and a bunch of computers in an office.
I am reminded that the entirety of Berkshire Hataway is run out of a single floor of an office block in Ohama
There is a significant difference between what's best for the Super Industry and whats best for superannuants, and that can enver be fixed by tinkering at the edges.
The frustrating thing is the grift fron the financial industry has been normalised and people seem happy to accept it. This article is just another in a long line of examples.