In what may represent a case for superannuation funds to provide greater member or education or even retain the services of financial advisers, new research suggests less than half superannuation fund members understand their insurance cover.
The research, conducted by Super Review during November's Association of Superannuation Funds of Australia (ASFA) conference in Melbourne found that most respondents believed most fund members had an inadequate understanding of insurance inside super.
The respondents were asked what per centage of their superannuation fund membership they believed understood life insurance with the result that 73 per cent believed that more than half their members had an inadequate understanding.
In fact, the research sponsored by Pillar Administration, suggested that the best case scenario for the number of members understanding life insurance inside super was 20 per cent, with 19.8 per cent of respondents believing that as few as 10 per cent of members had an appropriate understanding.
Significantly, respondents were slightly more positive about member understanding of life insurance in 2014 than they were a year earlier, with a similar survey conducted in 2013 revealing that more than 76 per cent of respondents believed their members had an inadequate understanding of life insurance.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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