BT Funds Management has admitted it lost around 38,000 members from its BT Super product in February, last year, after a less than perfect migration process.
The company admitted it migrated 277,779 members to BT Super in February, 2020, but that as part of the process “members experienced disruption during the migration process whereby they could not access their accounts”.
The company said the problem had arisen as it sought to migrate the members to BT Super which it described as “a new product that offers an improved customer experience”.
Answering questions on notice from the House of Representatives Standing Committee on Economics, the company said. “approximately 38,000 members out of the abovementioned cohort have left BT post February 2020”.
However, it said the figure included all member exits and they might not have all been attributable to the migration process and disruption.
“The aggregate figure includes all member exits, which may be due to natural membership attrition and the early release of superannuation Initiative,” it said.
“BT does not collect information regarding the reason(s) for member exit. As such, we are unable to provide the number of members that have left BT as a direct result of the disruption during the migration process.”