Mandatory service standards for superannuation industry long overdue, says CPA Australia

The introduction of mandatory and enforceable service standards for all large APRA-regulated superannuation funds is welcome but long overdue.Community has high expectations around release of superannuation benefits at a time of death, illness, or injury.

CPA Australia’s Superannuation Lead, Richard Webb, today said that while the Government’s introduction of mandatory and enforceable service standards for all large APRA-regulated superannuation funds is a welcome reform to the superannuation system, it is long overdue.

“These reforms to superannuation have been long overdue and something CPA Australia has been calling for. There are standards for other matters, but the most sensitive of queries in the event of death or disability have been left out,” Mr Webb said.

“Insurance and death benefits are key features of superannuation which have routinely been forgotten about. This is a welcome reform to important and necessary features of superannuation in Australia.

“The community has the highest expectations around the release of superannuation benefits at the time of death, illness or injury, and rightly so as these are serious events.

“It’s crucial that information at a time of death or disability is completely clear, with minimal delays. Sensitivity during this time is of upmost importance.

“Ensuring that this process has robust service standards in place ensures that fund members know exactly what to expect from their fund – and what their fund expects from them – when one of these life changing events occurs,” Mr Webb added.

Mr Webb said CPA Australia looks forward to engaging with the Government to ensure these reforms are handled in a way the community expects.