Statement by ASFA Chief Policy Officer, James Koval:
“Processing and paying death benefits to grieving families is one of the most important things that super funds do. Australians rightfully expect high standards of service, especially in their most difficult life moments.
“Funds have been working hard to lift standards over the last two years, so that members experience faster, more efficient service and better communication. ASIC’s report confirms this work is translating into real progress. Complaints to funds about death benefit delays have more than halved since early 2024, and funds resolved 10 per cent more claims last year while managing a 10 per cent rise in claims volumes.
“There’s still more work to be done. The sector is committed to ongoing investment in service provision to accelerate progress, including through continued rollout of ASFA’s industry guidance and working with Government on the design of mandatory service standards ahead of rising claims volumes.”
ENDS
For further information, please contact:
Scott Roberts, ASFA Media Lead
mediaunit@superannuation.asn.au
About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry, and the only industry body that represents all parts of the APRA-regulated system.
Our more than 100 members include retail, industry, corporate and public sector funds and their service providers. For over sixty years, ASFA has been the voice of super, advocating for a dignified retirement for all Australians. Through research, advocacy and collaboration, ASFA promotes efficiency, sustainability and trust in Australia’s world-class retirement income system.