Communications key to reducing superannuation complaints

23 February 2012
| By Mike |
image
image
expand image

Superannuation trustees could save significant time and resources if they better educated their members about issues such as insurance, according to the Superannuation Complaints Tribunal (SCT).

The SCT has made an assessment of the number of complaints received and handled under its jurisdiction, with its chairperson Jocelyn Furlan pointing to the higher incidences of complaints relating to death and disability.

However she also pointed to the manner in which the data collected by the SCT suggested fund trustees could do better.

"At first glance, the figures suggest that trustees could potentially reduce complaints by almost 20 per cent by better educating members about insurance entitlements and premiums," she said.

"Interestingly, anecdotal evidence suggests that just as many members complain about unwanted insurance as those who complain that they are not covered, but that would just seem to underline the need for improved communication in this area," Furlan said in her latest SCT bulletin.

She said that it seemed to the SCT that targeted mail-outs to "at risk" groups, such as part-timers and casuals, or highlighting sections of regular disclosures for these groups, might go some way to reducing the number of complaints that trustees must deal with.

"Another example of an 'at risk' group is defined benefit members approaching retirement," Furlan said.

"It is clear to the Tribunal that these members need to be better informed about the treatment of their benefits from the date their service ceases to the date their benefits are paid or rolled over."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 13 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 4 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 8 hours ago