Super funds made payments to 129,000 members over the week ended August 2, APRA’s latest data on early release super show, bringing the total number of super member payments to about 3.9m. The total value of payments during the week was $1bn, $30.3bn overall since the scheme’s start on April 20.
Tag: super
ASIC presses super trustees to refund for higher default ‘smoker’ premiums
After an ASIC investigation, nine super After an ASIC investigation, nine super trustees have ceased charging new members life insurance premiums at higher smoker rates after labelling them as “smokers” by default.
Covid-19 forces ‘complete’ overhaul of APRA’s 2019-23 corp plan
APRA has had to completely overhaul its 2019-23 corporate plan, including super system improvements, since the onset of the covid-19 pandemic, chief Wayne Byres, told the House of Representatives Standing Committee on Economics yesterday (August 5). He said all policy initiatives had been suspended until September 30. “(O)ur aim has been to help steer the…
Choice’s TPD junk policy claim based on old data, ignores code of practice improvements: FSC
Financial Services Council (FSC) has refuted consumer advocate Choice’s and its partner advocate Super Consumers Australia’s (SCA) super figures and their claim total and permanent disability (TPD) policies in super are nothing but junk, saying Choice’s figures are based on out-of-date 2016-17 data that ignore “significant” improvements after the Life Insurance Code of Practice came into force.
