The Superannuation Complaints Tribunal (SCT) has reported a spike in complaints in the June quarter.
The tribunal chair, Jocelyn Furlan reported that written complaints received during the quarter increased by 13.6 per cent while telephone complaints increased by 10.8 per cent.
The highest number of complaints received by the SCT (51.3 per cent) related to fund administration while those relating to death benefits decreased slightly to 35.5 per cent with complaints about disability benefits remaining static at 10.4 per cent.
The good news for Trustees out of the SCT data is that of the 28 cases determined by the Tribunal during the quarter, the Trustee’s original decision was affirmed in 64.3 per cent of cases.
First Nations Australians have faced systemic barriers accessing super, with rigid ID checks, poor service, and delays compounding inequality.
“Slow and steady” appears to be the Reserve Bank’s approach to monetary policy as the board continues to hold on to its wait-and-see method.
AFCA’s latest data has shown a decline in complaints relating to superannuation, but there is further work to be done, it has warned super funds.
Limited exposure to fossil fuel companies has positively impacted the performance of Australian Ethical’s balanced and growth funds, the super fund says.