Services have been severely disrupted at several major Queensland-based superannuation funds after flooding forced closures in the Brisbane CBD.
After last week urging affected members to contact their super fund for assistance, ESI Super was this week forced to close it's contact centre, stating that "administration teams in Brisbane will be providing limited services until further notice".
Sunsuper's member and employer contact centre in Milton, Brisbane, and its systems were both unavailable late yesterday and the fund was forced to suspend the processing of normal transactions, according to a statement on Sunsuper's website.
The BUSS(Q) fund office in Brisbane was also closed, and operations and telephone services had been transferred to the fund's Melbourne office.
AUST(Q) could not be contacted, and a recorded message indicated the fund office (which is located just one block back from the Brisbane River) is currently closed.
AustralianSuper was forced to close its Brisbane trust office although the fund, including its call centre, was otherwise unaffected, according to a fund spokesperson.
All five of the above-mentioned offices are located within two blocks of the banks of the flooded Brisbane River.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.