Cherelle Bailey is one of a growing number of Australians facing long delays to claim death benefits and insurance from super funds.
Complaints to the ombudsman about superannuation were up by a third to 6957 in the financial year ended June 30, 2023.
Super fund members can reduce delays by making a binding death nomination, and ensuring it is valid and up to date.When Cherelle Bailey unexpectedly lost her husband four years ago, she found it took almost a year before his three superannuation funds released his money. She is one of a growing number of Australians facing long delays to claim death benefits and insurance.
Dave Bailey died without a will. To get probate, Bailey had to wait for the coroner’s report and letters of administration from the NSW Supreme Court, a process that took months and thousands of dollars in legal fees.It then took the super funds another five months to decide to award his super and life insurance payout to Bailey.
Complaints about death benefits totalled 267 complaints – an average of 22 a month, compared to 72 or six a month – in the previous year. Gray said delays often occurred when there was no valid binding nomination and a complex family situation.
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