Fri, 15th Nov 2024

In this episode of the Weekly Superannuation News Wrap, Paige Estritori discusses the Australian Securities and Investments Commission (ASIC)'s lawsuits against Cbus and United Super over numerous delayed death and disability claims. Cbus's mismanagement of over 6000 such claims has resulted in a whopping $755 million being disbursed to affected members, with a spotlight on financial penalties while resolving 80% of these claims. United Super, the trustee for the Cbus Superannuation Fund, is alleged to have broken reporting requirements under the Corporations Act amendments, leading to more than 10000 delayed claims and a $20 million financial impact. The episode also highlights the superannuation gap affecting workers under 18 and discusses reforms aiming at enhancing early savings; these reforms may boost retirement funds by an additional $10,000 for young Australians. It reemphasizes the importance of transparency and innovation in the superannuation industry.