The corporate superannuation industry is not serving the interests of members by dragging its heels when transferring balances, says Aviva CEO Allan Griffiths. He says some industry funds demand “over the top” proof of identity, including asking clients to provide a 100-point identity check before they will release their funds.

“This could be described as a deliberate delaying tactic… which really works against client interests, especially those living outside a major city,” he said. “Moving funds between administrators is one of the key issues of frustration with the superannuation industry. Some companies take up to six months to transfer funds from receipt of the member’s request.”

Mr Griffiths says “pro-active delaying tactics” damage the reputation of the industry, and act against the will and the interests of members. “Where the member is attempting to consolidate their superannuation accounts but is delayed by a slow fund, the member is potentially exposed to fees from both superannuation providers.”