ASFA members understand the need to meet Australians’ expectations when it comes to good and timely service from their superannuation fund.
ASFA has spent a significant amount of time working closely with its members to identify what can be done, from a practice and policy perspective, to lift the consumer experience of death benefit claims.
These proactive efforts included the creation of a working group involving members, other associations and regulators APRA, ASIC and AFCA. This culminated in the release of two documents in September, an ASFA Guidance Note on Death Benefit Payments (the Guidance) and complementary Policy Proposals to support improved consumer outcomes.
ASFA’s working group benefited from the invaluable leadership of Jocelyn Furlan, former Chairperson of the Superannuation Complaints Tribunal who chaired ASFA’s Steering and Working Groups on these important issues, guiding the development of practical and effective solutions.
Our members from across the superannuation ecosystem recognise consumer expectations of service standards have not always been met. The Guidance sets out good practice for how superannuation funds communicate and provide service to potential beneficiaries throughout a death benefit claim process.
The Policy Proposals recommend several reforms aimed at streamlining the death benefit claims process and empowering members with greater choice and control over how their benefits are distributed.
Key stakeholders have responded favourably to the Guidance and Policy Proposals. In his speech to the AFR Super and Wealth Summit Minister for Financial Services Stephen Jones acknowledged our work in this area. AFCA has also referred to our guidance note as an example of good practice in this area.
ASFA will continue to be a proactive, responsible and forward-thinking advocate for superannuation industry best practice.
For further information, please contact ASFA Media team: 0451 949 300
About ASFA
ASFA, the voice of super, is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.
