Under-insurance risk in super: Cbus

Original article by Glenda Korporaal
The Australian – Page: 13 & 14 : 25-Jan-21

Cbus CEO executive Justin Arter has called for the government to exempt workers in high-risk jobs from the ‘stapling’ provisions of its proposed superannuation legislation. Under the legislation, a person’s superannuation fund would be the first fund that they signed up for. Arter notes that many of its members work in dangerous roles, but that 80 per cent are not first-time workers and would have super funds from their previous occupations; he is worried they risk being under-insured under the government’s proposals. He says Cbus offers superior insurance for people killed or injured while working, with Cbus insurance paying out $298 million in claims in 2019-20.

CORPORATES
CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND