Remain alert during a merger
Super funds continue to merge, creating mega-funds with economies of scale that will provide members with lower fees and better benefits. While most of the attention will focus on investment performance, checking your life insurance is also important.
AustralianSuper, the country’s largest fund, announced earlier this year that the cost of its default insurance would drop by 11%, benefitting 99% of its insured members. The not-for-profit fund manages $260 billion for 2.6 million members.
The fund aims to keep its insurance costs to less than 1% of salary, emphasising the benefits. “Insurance is an important part of members’ financial safety net and AustralianSuper uses its size to negotiate discounted bulk insurance rates to
