POWERED BY MOMENTUM MEDIA
QSuper members file class action
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”.
Recommended for you
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
59.27 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.01 3 y p.a(%)
Add new comment