The problem stems from a change in QSuper’s insurance agreements, which from July 2016 split their policies into standard and professional plans and calculated premiums based on other factors such as age.
While members were told in letters at the time that they “didn’t have to do anything”, many were entitled to lower wages if they were employed.
Shine Lawyers is seeking damages, refunds, or compensation for up to 140,000 members.
Following the final decision of the AFCA, QSuper appealed because the Complaints Office exceeded its legal remit and exercised powers that the constitution should not have it. After his appeal was dismissed in federal court, QSuper considered appealing to the High Court but ultimately decided against it.
However, when QSuper announced that it would not initiate lawsuits in the High Court, QSuper said it was “concerned that the decision creates additional obligations for pension trustees who are already regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulatory Authority Comply with laws “.
Shine Lawyers said Thursday that QSuper has violated the Corporations Act and the Superannuation Industry (Supervision) Act by failing to notify its members of premium changes.
Shine class action lawsuit chief Joshua Aylward said it was “incredibly disappointing that key workers who serve our community 24/7 are being taken advantage of by this super fund.”
It’s the newest headache for QSuper, which serves 600,000 members – mostly Queensland officials. The Australian financial report last month found that the fund was the subject of an investigation by the Australian Tax Department into an alleged $ 200 million franking credit stripping program that could result in members paying the bill for a record fine .
While QSuper is in the process of merging with a rival Queensland fund giant, $ 80 billion Sunsuper, it recently received court approval to amend its trust deed to give its members a new fee for building a rainy day Charging Kitties to pay court-imposed fines, following Section 56 reforms of the Morrison government that prevent super funds from accessing member savings to pay fines.