QSuper members file class action

25 November 2021
| By Jassmyn |
image
image
expand image

QSuper members have filed a class action against the superannuation fund, alleging they were overcharged for life insurance policies.

The class action to the Federal Court of Australia claimed the fund breached its obligations under the Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993 by failing to notify its members of changes to premiums.

Shine Lawyers class action practice leader, Joshua Aylward, said the lack of notification resulted in financial loss for up to 140,000 members.

“QSuper changed their life insurance policy on 1 July, 2016, and failed to adequately notify its members of how to get cheaper premiums," Aylward said.

"Significantly, most of the fund members impacted are Queensland Government employees and their spouses, teachers and health industry workers like doctors and psychiatrists.”

Shine said white collar workers were charged the same increased premiums despite not having the same risk-factors present in their lines of work.

A spokesperson for QSuper told Super Review: “QSuper has no comment on a matter before the courts”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The central bank has served up a disappointment for punters on Melbourne Cup Day....

1 hour 54 minutes ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

6 hours 42 minutes ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

1 day ago