Bred by Shine Lawyers, QSuper was charged with breaching obligations under the Corporations Act 2001 and the Superannuation Industry Act 1993 for failing to notify members of premium changes, resulting in financial losses for up to 140,000 members.

“QSuper changed its life insurance policy on July 1, 2016 and did not adequately inform its members how to get cheaper premiums,” said Joshua Aylward, director of the class action practice, on Thursday.

“Significantly, most of the fund members affected are Queensland government employees and their spouses, teachers and health care workers such as doctors and psychiatrists.”

It is also alleged that employees were billed the same increased bonuses even though they did not have the same risk factors in their work.

Mr Aylward claimed that QSuper took advantage of its members, with tens of thousands losing money on investments.

QSuper responded to the ifa in a statement on Thursday with the words: “QSuper has no comment on a matter before the courts”.

The class action lawsuit comes after the ATO conducts an investigation into the supergiant over a. has started Suspected $ 200 million postage credit stripping program in October.

QSuper confirmed at the time that “a matter” was being examined by the ATO and disclosed to members in the fund’s annual report.

Super fund accused of inflating members’ life insurance policies

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Last updated: November 25, 2021 Published: November 25, 2021

Neil Griffiths

Neil Griffiths

Neil is associate editor of wealth stocks including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.