The Meat Industry Employees' Superannuation Fund (MIESF) will replace its "self-insured" death benefit with group insurance cover by TAL mid-year.
Previously, MIESF was not insured through an insurer but provided an additional death benefit under a "self-insurance" arrangement funded from member accounts at a cost of $5 per week and paid as $260 each fiscal year.
The new arrangements will increase the cost of cover to $5.60 per week paid as two payments of $145.60 in December and June of each year.
Rising group insurance premiums have been widely reported and are occurring due to the increase in claims, according to Australia's leading group insurance providers.
MIESF said members could opt out of death and total and permanent disability cover but could not ditch one without the other. Opt-out members then became ineligible for insurance at any time in the future.
Under Stronger Super reforms, super funds will not be able to offer members insurance without the backing of an insurer.
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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