Superannuation Complaints on the Rise
Latest figures released by the Superannuation
Complaints Tribunal show that there were 661 formal complaints in the quarter
ending June 2010, up 14% from the April 2010 quarter. Looking at the figures annually however, shows
a more positive picture with complaints down 2.5% overall in the 2009-2010
financial year.
The Tribunal saw many complaints made about the administration
of superannuation funds. For example,
concerns were raised about account balances and delayed payments. But by far the most common types of complaints
to the Tribunal involved death benefit payouts and distribution. These types of complaints made up over
one-third of all complaints to the Tribunal.
64% of written complaints were investigated or
mediated through the Tribunal. This
figure is probably, in part, reflective of the failure of many complainants to
lodge, in accordance with relevant legislation, documents with the trustee of
their superannuation fund within ninety (90) days of the trustee’s final
decision being issued. Many complaints to
the Tribunal were excluded from investigation or mediation on the basis that they
were outside the ninety day timeframe.
Of those formal complaints brought within the time
limit, almost three-quarters were settled without the need for referral to the
Tribunal. That is, they were resolved
through the compulsory conciliation process utilised by the Tribunal. Further, the Tribunal upheld the superannuation
fund trustees' decision in 64% of the cases brought before it for review.
The full version of the Superannuation
Complaints Tribunal Bulletin is available by going to http://www.sct.gov.au/downloads/Jun10BulletinwithLogo.pdf
Posted on 2nd September 2010
