Results 1 to 4 of 4
  1. #1
    Join Date
    May 2003
    Location
    Perth WA
    Posts
    0

    Default Check your Super Policy for Unwanted Insurances

    A recent twist has seen a number of superannuation policies include all sorts of personal insurance of the type you see advertised on the TV in the afternoon.
    My collegues have found that they are being charged $80 plus per month from their super contributions for Accident Insurance and Total Disability, Death Cover, Income Protection, etc without even requesting it. All the people in this workplace have been affected and there are four different Super funds including super trusts. The trust funds I wondered about but it was pointed out that it does guarantee an income stream even if it is just recycling money and it is safer than the share market at the moment.

    This is applied to the 9% employor contributions so do not think you are not affected by this because you are not contributing yourself.

    Apparently letters were sent out full of the glossy brochures that we all just glance at and throw away. The twist is that it was an offer for all this extra insurance and you got it automativcally unless you wrote back requesting to remove it. Now to make it even more interesting they also wrote to your employer asking for an employment classification because this is important information they needed to invoke the policy. They weren't really expecting a response from you and most employers did not respond as well so the result is you probably have been entered into their system at their highest risk profession regardless of the type of work you do. Our office staff were classified as dark blue collar workers and will not be able to recover the extra premiums. Forget about what you have already paid into this as their response is you should have read your mail.

    I have written to the ACCC and was referred to the Superannuation Complaints Tribunal and both parties are powerless to do anything as there is no existing law to prevent this happening.

    Well it looks like they have found a way to get their hands on your retirement savings so if you do nothing or actually like the comfort of this type of protection then you will be paying the premiums.

    For me next time I open a cereal pack I am going to read the fine print on the box in case I have entered into an agreement or given away all my posesions by opening the pack. Oh yeah I will be reading those glossy brochures in future even though I hate doing it for protection from this type of predatory action.
    Cheers,
    Rod

  2. #2
    Join Date
    Jul 2004
    Location
    Laurieton
    Posts
    0

    Default

    You could always roll your super into another fund with a new set of conditions.
    Bob

    "If a man is after money, he's money mad; if he keeps it, he's a capitalist; if he spends it, he's a playboy; if he doesn't get it, he's a never-do-well; if he doesn't try to get it, he lacks ambition. If he gets it without working for it; he's a parasite; and if he accumulates it after a life time of hard work, people call him a fool who never got anything out of life."
    - Vic Oliver

  3. #3
    Join Date
    May 2003
    Location
    Perth WA
    Posts
    0

    Default

    Quite true but going by my workplace (120 employees) I think there are a lot of people out there that are not even aware of it. This all happened around June/July and people have not got their statements yet.
    Cheers,
    Rod

  4. #4
    Join Date
    Jan 2007
    Location
    Katoomba NSW
    Posts
    332

    Default

    I copped the same thing in my super fund. Like everybody else i did nothing. I only found out about it because enough people in my fund were switched on enough to pick it up and complain. The fund then issued a letter saying they will only sign you up for the insurance if you request it and will reverse any deductions that have already been made. Make sure you thoroughly read anything they send you and don't throw it out till you are happy you understand why they sent you a letter.

Similar Threads

  1. Colonial Policy
    By artme in forum JOKES
    Replies: 10
    Last Post: 15th February 2008, 01:21 PM
  2. The admittance policy
    By Wood Butcher in forum JOKES
    Replies: 6
    Last Post: 29th January 2008, 04:19 PM
  3. Gmc Changes Policy At Bunnings
    By DPB in forum HAVE YOUR SAY
    Replies: 42
    Last Post: 7th October 2006, 12:16 PM
  4. super gloss/super tough finish
    By WoodWad in forum FINISHING
    Replies: 2
    Last Post: 9th March 2003, 10:59 PM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •