Australia’s Biggest Pension Hit With Lawsuit Over Death Claims
- AustralianSuper is being sued over death claims handling
- Regulator ASIC has been warning pensions to improve services
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AustralianSuper, the nation’s largest pension fund, is being sued by the regulator over allegations it failed to adequately process thousands of death benefits claims.
The Australian Securities and Investments Commission alleges the fund didn’t “efficiently, honestly and fairly” handle 6,987 death benefit claims between July 2019 and October 2024, according to a statement Wednesday. The suit was filed in the Federal Court.