POWERED BY MOMENTUM MEDIA
Superannuation members unaware of TPD coverage
The Association of Superannuation Funds of Australia (ASFA) said the new shorter disclosure regime would engage members, many of whom do not realise they have total and permanent disability (TPD) cover as default in their superannuation accounts.
ASFA said a recent survey by Slater & Gordon highlighted the importance of insurance in superannuation, although many Australians did not realise they had it and so did not claim when they could.
"This is an important offering of superannuation to protect you and your family, and the cost of the insurance for many people is often much cheaper in super because of the funds' buying power," ASFA chief executive Pauline Vamos said.
Vamos said the industry welcomed the survey's findings and hoped members' levels of engagement became greater when the shorter PDS regime was implemented.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
