Super returns down, complaints up
Declining superannuation returns over the past six to nine months may already be reflected in the number of complaints being received by the Superannuation Complaints Tribunal.
According to the tribunal’s quarterly bulletin published this week, the number of complaints received during the June quarter was up by 23.6 per cent over the same period last year.
The tribunal’s acting chairperson, Jocelyn Furlan, said that while the increase might or might not be a direct result of negative investment returns, in a falling market trustees should review any undertakings given in relation to the processing time for benefit payments, rollovers, investment switches and other transactions impacting on the member’s account balance.
She said that, in addition, falling markets might have implications for death benefit payments and that the tribunal was encouraging trustees to review their policies regarding the investment of pending death benefit payments and any insurance proceeds during the period of the claim staking process and ensure that this has been disclosed.
AUTHOR
Mike Taylor
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