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PSS/CSS miscalculation prompts review
Comsuper has initiated an independent review of its processes after discovering a miscalculation in the exit rates applying to members of the PSS and CSS.
The big public sector fund announced the review this week after identifying the miscalculation applying to exit rates in the 2005-06 financial year.
In a statement to members, Comsuper said a review of compliance processes had identified issues with accounting information used to calculate the default fund exit rates in the 2005-06 financial year.
It said this had resulted in an understatement of investment earnings and a miscalculation of exit rates used for members taking their benefit in that year.
Comsuper said that as soon as an independent actuary confirmed the miscalculation, the fund adjusted the exit rates on the PSS and CSS websites, with effect from June 29, 2006.
“We will now review every withdrawal undertaken in the 2005-06 year to identify those members who have been affected,” it said. “Members who have been affected will be personally contacted to arrange a payment of the additional amount.”
AUTHOR
Mike Taylor
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