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 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