Super Fund Complaints: Super is one of your most important investments as you’re gonna need it when you have no other means of income. You need to keep it right or else your entire life after retirement will fall apart.
Complaints are a very common part of super funds.
AustralianSuper received a lot of complaints for the year 2023, there were 6.1 complaints per 10,000 customers made to the Australian Financial Complaints Authority in the financial year 2023.
So if something goes wrong with your superannuation fund, you gotta fix it. In this article we are going to give a brief detail on how you can deal with super fund complaints.
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Super Fund Complaints
Australian Financial Complaints Authority (AFCA)
The Australian Financial Complaints Authority deals with all the complaints you have regarding your superannuation product. You can make your complaints here AFCA.
You can’t make a superannuation complaint out of nowhere. There are specific rules and regulations you consider while making a superannuation complaint. There are no money restrictions for this complaint like other complaints that the AFCA deal with, although some complaints might have time limits.
Only certain people can make complaints and also there are specific superannuation products that you complain about. So you have to keep all of this in view. Here we are going to tell you all of it.
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Superannuation Products to Complain about
Here are the types of Superannuation products you can complain about to the AFCA:
- Corporate Funds:
It is a private superannuation fund that is played by an employer on employees behalf. Making complaints about corporate funds is only open to people who are working for an employee or a company.
- Approved Deposit funds:
It is a fund with specific taxation benefits that rolls over from other superannuation funds such as an employee getting his superannuation benefits after leaving his job.
- Industry Funds:
It is a type of not for profit fund made for people who work in the industrial zone or under industry awards. These are also open for everyone.
- Retail funds:
It is also a type of fund which is open for everyone. It can have sub-categories which might only be open for particular employees.
- Public Sector Funds:
It is a type of superannuation fund for federal employees and state government departments.These are generally only available to government employees.
- Retirement Savings Account:
It is a kind of special capital guaranteed account which is used to store the superannuation funds for retirement.
- Small Funds:
It is a small superannuation fund which is used for family members who do not want to be the trustee for the fund, instead a professional trustee is used.
- Self Managed Super Funds:
These are small superannuation funds where the members are also trustees. Complaints about such funds are handled under the investment and advice area of AFCA.
- Superannuation Annuity Policy:
It is an annuity policy managed by a life insurance company. Under the Life Insurance Act 1995, it is declared to be a superannuation policy. It can be used for retirees.
Who is Eligible to Complain about Superannuation?
Not everyone can make a complaint about super funds. There are some rules and regulations for it. Here’s who can complain about it:
- A person who holds the superannuation funds.
- A person agreeing to the Family Law Agreement or order affecting superannuation.
- A person who has a superannuation product paying interest in a death benefit.
- A person who is insured under an insurance policy of superannuation.
Issues you can Complain About
Here are the issues that you can complain about to the AFCA:
- Advice or information you were given about a superannuation product.
- Any cost or fee that’s incorrectly charged.
- Any information that was missed and wasn’t given about the product.
- If you are facing some serious financial troubles and want to get your super early, then statutory conditions will apply.
- Any decision that your superannuation provider such as your employer has made. It involves all types of decisions that you consider are wrong.
- A delay in paying death benefit.
- Death benefit payments.
- Incorrect or unauthorised transactions.
- If any of your given instructions is not followed.
How to Make a Complaint?
If you want to lodge a complaint, you can do that on the website of the Australian Financial Complaints Authority AFCA. You make the complaint either online or by e-mailing or by calling them.
In case you don’t want to make a complaint directly to them, you can talk to your own financial firm and ask them to do so.
But we will recommend you to make a complaint to AFCA. It’s super easy. You just have to go to this website and you’ll find a “make a complaint” option on the top right of their page.
All the further necessary instructions are given there.
To conclude, it’s important for you to acknowledge all sorts of errors in your super funds and file a complaint about it. Afterall, it’s a lifelong matter! You Can Also Read Payroll Law And Regulation In Australia.