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.
About ASIC’s Report and Key Findings
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:
- Many trustees are not meeting their obligation to pursue claims with the necessary care, diligence and skill.
- Claims are not being proactively managed, resulting in unnecessary delays and causing hardship for grieving families.
- Communication with beneficiaries is often poor, leaving claimants uncertain about their entitlements and the progress of their claims.
- There is inconsistent oversight and monitoring of claims handling, meaning that trustees are not identifying problems or opportunities to improve.
- Processes often fail to appropriately support vulnerable claimants, particularly First Nations peoples.
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
How EML supports trustees to drive change
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:
- Tackling delays with process optimisation
- Data-driven monitoring and transparency
- Communication material and strategy
- Support for vulnerable claimants and First Nations communities
- Complaints management and feedback loop
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”.
Find out more
To learn how EML can support your fund in strengthening death benefit claims handling and meeting ASIC’s expectations, please contact our team at info@eml.com.au.