Superannuation Complaints Tribunal
Encyclopedia
The Superannuation Complaints Tribunal is an independent statutory body established by the Australian Government to deal with complaints about superannuation (and certain life insurance annuities).
The Tribunal will only deal with complaints as they relate to a trustee decision affecting an individual member. The Tribunal cannot deal with complaints about the fund as a whole (eg poor investment performance). http://www.sct.gov.au/Making_a_complaint/default.asp?images=b
The Tribunal will first try and resolve the complaint through concilliation (where the SCT will facilitate a discussion with all parties involved).
If concilliation is not successful, the Tribunal will make a "review" decision that is binding on all parties.
History
The Superannuation Complaints Tribunal was established under the Superannuation (Resolution of Complaints) Act in 1993. It was established at the same time as a new prudential and disclosure framework was put in place under the Superannuation Industry (Supervision) Act 1993, protecting employees compulsory superannuation contributions (introduced in 1992).Operation of the Tribunal
In order for the Tribunal to deal with a complaint, a member (former member or potential beneficiary) of a superannuation fund must first make a formal complaint to the Trustee of that fund (under the fund's own internal complaints procedures). If the complaint is not resolved to the member's satisfaction (or has not been dealt with within a 90 day period) then a complaint can be made to the Tribunal.The Tribunal will only deal with complaints as they relate to a trustee decision affecting an individual member. The Tribunal cannot deal with complaints about the fund as a whole (eg poor investment performance). http://www.sct.gov.au/Making_a_complaint/default.asp?images=b
The Tribunal will first try and resolve the complaint through concilliation (where the SCT will facilitate a discussion with all parties involved).
If concilliation is not successful, the Tribunal will make a "review" decision that is binding on all parties.
See also
- Superannuation in AustraliaSuperannuation in AustraliaSuperannuation is a retirement program in Australia. It has a compulsory element whereby employers are required by law to pay an additional amount based on a proportion of an employee's salaries and wages into a complying superannuation fund.An individual's superannuation fund can be accessed...
- Australian Prudential Regulation AuthorityAustralian Prudential Regulation AuthorityThe Australian Prudential Regulation Authority is a statutory authority and the prudential regulator of the Australian financial services industry.-Regulatory scope:...
- Australian Securities and Investments CommissionAustralian Securities and Investments CommissionThe Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
- Ombudsmen in AustraliaOmbudsmen in Australia-Government ombudsmen:Government ombudsman services are free to the public, like many other ombudsman and dispute resolution services, and are a means of resolving disputes outside of the court systems....
- Financial Ombudsman Service (Australia)Financial Ombudsman Service (Australia)The Financial Ombudsman Service is an Australian industry ombudsman that handles complaints in respect of most financial services.-History:It was established on 1 July 2008 following the merger of Financial Industry Complaints Service with the Banking and Financial and Financial Services Ombudsman ...
External links
- Superannaution Complaints Tribunal Website http://www.sct.gov.au/
- ASIC Consumer Website "MoneySmart" http://www.moneysmart.gov.au