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Superannuation funds have a duty to act in their members’ best financial interest, writes Noel Davis, but widespread examples of bad practices indicate that is not always the case. ....
Cbus said the exception that was introduced on 1 April, 2020 allowed workers under 25 years old in dangerous jobs to automatically keep their insurance entitlement. Since the exception had been introduced to 31 March, 2021, 115,800 building and construction workers had obtained or retained their insurance and a total of $7,256,200 (58 claims) had been paid who would not have otherwise been eligible without the exception. “Many funds’ policies – including those funds that workers are most likely to be stapled to under Your Future Your Super – contain exclusions or unfavourable terms and conditions because insurance cover has not been tailored for their hazardous industry,” the fund said. ....