The Federal Opposition has sought to make the handling of fund transfers and rollovers by industry super funds an issue.
The issue has been raised by Tasmanian Liberal Senator David Bushby, who has placed a series of questions on the Senate notice paper directly aimed at determining the time industry super funds take to handle rollovers and transfers, as well as the industry average.
The questions, directed at the Australian Prudential Regulation Authority (APRA) via the relevant minister, ask the status of funds taking less than 30 days to roll money over to a different fund or to a member following a member’s request.
As well, they ask "what is the extent of non-compliance, listed by industry segment?".
Bushby has also asked whether the industry super fund sector generally takes significantly longer than the retail fund sector in arranging and administering rollovers.
The questions appear to follow on from long-running accusations within the financial planning industry that industry superannuation funds take longer than their retail fund counterparts in handling members’ rollover requests.
