POWERED BY MOMENTUM MEDIA
Most members in dark on insurance
Most superannuation fund executives and trustees do not believe their members have an adequate understanding of the insurance they receive within superannuation.
That is the bottom line of a survey conducted by Super Review during last month’s Conference of Major Superannuation Funds in Brisbane where more than 80 per cent of the mostly industry fund trustee and executive respondents pointed to a lack of member understanding of insurance.
Asked whether they believed superannuation fund members had an adequate understanding of the insurance they received within superannuation 81.4 per cent of respondents said “no” with just 14.8 per cent believing members were adequately informed.
The importance of the survey finding is that it comes in the wake of the recommendations of the Insurance inside Superannuation Working Group (ISWG) and amid a general acknowledgement that members need to be better informed about their insurance and, particularly, their ability to opt-out.
The survey, sponsored by EISS Super, also revealed that most respondents believed the insurance within superannuation code of conduct would serve to better protect members.
Asked whether they believed fund members would be better protected by the new insurance within superannuation code of conduct, 55.5 per cent of respondents answered yes, with 37 per cent answering no.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
