Superannuation fund members, confronted by rapidly declining returns, have increasingly been seeking advice from their funds, according to data released this week by Mercer.
Mercer said it fielded 413,000 calls last year, which represented a 17 per cent increase over the previous year.
It said calls to client help lines had increased steadily in the latter half of the year, spiking dramatically in October when the share market fell by 12.8 per cent.
Describing the types of requests being received at its call centres, Mercer said those relating to investment options rose by 72 per cent and calls regarding redundancy payments had risen by 84 per cent.
Commenting on the demand for information, the leader of Mercer’s Asia Pacific outsourcing business, David Anderson, said stock market declines and the economic downturn seen in 2008 were among the worst in generational history.
“Many super plan members were faced with situations they had not encountered before,” he said. “In this environment, it is great to see that our members had immediate access to limited financial product advice over the phone.”
Anderson said the advice provided was in line with the Australian Securities and Investments Commission’s temporary relief allowing super funds to provide limited guidance to members.
