Media statement regarding ASIC proceedings against Cbus Super on insurance claim delays

12 November 2024
Media Statement
 

Cbus Super is sorry that delays have been experienced in the processing of insurance claims made by our members. Regrettably this has added to the distress of members and their families.

We apologise to our affected members and their families without reservation and promise to do better.

Cbus has implemented a number of measures that are reducing delays and is committed to further improving management of insurance claims.

Cbus has established a compensation program for affected members which is being implemented now.

Cbus has been cooperating with ASIC during its investigation and notes that ASIC has today commenced proceedings in the Federal Court. Cbus will invite ASIC to engage in alternative dispute resolution processes to avoid protracted litigation.
 

Media enquiries: media@cbussuper.com.au
 

Cbus is the leading Industry Super Fund representing those that help build, maintain and shape Australia. As one of Australia’s largest and fastest growing super funds, we provide superannuation and income stream accounts to more than 920,000 members (as at 30 June 2024) and we manage over $94 billion of our members’ money (as at 30 June 2024). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers Media Super products. In May 2023 Cbus Super successfully completed its merger with EISS Super, establishing the Fund as the leading fund for energy and electrical workers in Australia.

Cbus offers our members insurance options that can be tailored to meet the needs of people working in hazardous work in the building, construction and allied industries. Cbus has accepted 96.8 per cent of claims over the past three financial years.

Insurance is issued under a group policy with our insurer, TAL Life Limited ABN 70 050 109 450, AFSL 237848.

Issued 12 November 2024, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super) ABN 75 493 363 262.