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."
