POWERED BY MOMENTUM MEDIA
SCT urges trustees to better educate members
The Superannuation Complaints Tribunal (SCT) has urged superannuation fund trustees to better educate their members about things such as insurance entitlements and benefits.
In the SCT's most recent bulletin, SCT chairperson Jocelyn Furlan has pointed to the latest data on complaints handled by the tribunal and commented that, "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".
"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," her bulletin said.
Furlan said that it seemed to the Tribunal 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 had to deal with.
She said that another example of an "at risk" group was defined benefit members approaching retirement.
"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," she said.
Furlan said the Tribunal was working towards providing more detailed information about these types of complaints in the future.
AUTHOR
Mike Taylor
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
