POWERED BY MOMENTUM MEDIA
QSuper members file class action
QSuper members have filed a class action against the superannuation fund, alleging they were overcharged for life insurance policies.
The class action to the Federal Court of Australia claimed the fund breached its obligations under the Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993 by failing to notify its members of changes to premiums.
Shine Lawyers class action practice leader, Joshua Aylward, said the lack of notification resulted in financial loss for up to 140,000 members.
“QSuper changed their life insurance policy on 1 July, 2016, and failed to adequately notify its members of how to get cheaper premiums," Aylward said.
"Significantly, most of the fund members impacted are Queensland Government employees and their spouses, teachers and health industry workers like doctors and psychiatrists.”
Shine said white collar workers were charged the same increased premiums despite not having the same risk-factors present in their lines of work.
A spokesperson for QSuper told Super Review: “QSuper has no comment on a matter before the courts”.
Recommended for you
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment