The Superannuation Complaints Tribunal (SCT) has urged fund trustee boards to better educate their members, including targeting mail-outs to so-called 'at risk’ groups.
Discussing the issue in the SCT's latest quarterly bulletin, SCT chair Jocelyn Furlan suggested trustees could potentially reduce complaints by almost 20 per cent by better educating members about insurance entitlements and premiums.
"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," she said.
"It seems to the Tribunal 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," Furlan said.
She said another example of an 'at risk' group was defined benefit members approaching retirement.
"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," Furlan said.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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