How BT Super lost 38,000 members
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.”
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.