The superannuation system provides critical financial support to Australians and their families. When a member passes away, it is vital that trustees manage death benefit claims in a way that delivers fair, timely and transparent outcomes. In its recent report, ASIC has highlighted that many trustees are falling short of community expectations, calling for stronger ownership of death benefit claims handling across the industry.
At EML, we support ASIC’s focus on improving outcomes and remain committed to assisting trustees to deliver better experiences for members and their beneficiaries.
In April 2025, ASIC released its report, “Taking ownership of death benefits: How trustees can deliver outcomes Australians deserve”. The report outlines findings from ASIC’s review of trustee practices in handling death benefit claims and makes clear that improvements are needed to meet the expectations of members and the broader community.
ASIC found that:
ASIC has made it clear that trustees must take greater ownership of the handling of death benefits to ensure Australians receive the outcomes they deserve.
EML’s perspective on ASIC’s full report, Taking ownership of death benefits: How trustees can deliver outcomes Australians deserve, is available for download here.ASIC’s Report: An EML perspective
At EML, we recognise that delivering death benefits effectively is about more than regulatory compliance; it is about providing real support to members and their families at a time of need.
We partner with trustees to strengthen claims management processes in line with ASIC’s expectations by:
By working closely with superannuation funds, EML helps trustees meet their responsibilities and improve the member experience. Will Barsby, General Manager, Life & Casualty at EML, said:
“The superannuation sector is at a pivotal moment—an opportunity presents to significantly enhance the claims experience for fund members and their families when they need it most. Super funds already play a vital role in securing the financial futures of hardworking Australians”.
To learn how EML can support your fund in strengthening death benefit claims handling and meeting ASIC’s expectations, please contact our team at [email protected].
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The EML Group is made up of a group of companies owned and operated by a partnership between Employers Mutual Limited & The Trustee For ASWIG Management Trust ABN 23 923 166 503, to find out more information about the EML Group click here.
