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Premium deductions don’t raise many complaints

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Concerns about the deduction of insurance premiums from wages and salaries prompted 6.9% of complaints received by the Superannuation Complaints Tribunal in the third quarter.

A further 4.3% related to declined total and permanent disability (TPD) benefits due to medical evidence.

Death benefit distributions typically account for most complaints received, and in the third quarter represented 27.5% of the total.

Deduction of insurance premiums accounted for 8% of complaints resolved in the quarter, while TPD benefit decision-making delays represented 5.5%, and cases declined on medical evidence 5.3%.

The tribunal is due to be rolled into the new Australian Financial Complaints Authority (AFCA) next July, along with the Financial Ombudsman Service and Credit and Investments Ombudsman.

“Until the legislation passes and AFCA becomes operational, the tribunal remains the external dispute resolution service for superannuation-related complaints, and continues to accept and resolve complaints,” Chairman Helen Davis said.