Superannuation funds and poor service

Imagine you have been in your employer superannuation fund for over 40 years. You are now looking to turn on your superannuation pension to assist in paying down your home loan. Your adviser who is experienced in these matters advise that there are funds around that are more cost effective than your employer fund and they normally offer much better client experience.

Given the importance of getting the pension payment is more important than the choice of fund the paperwork is taken to the employer fund in the last week in May to roll the superannuation to pension and requesting a pension payment before the end of June.

You would think in this age of technology that would be enough time for a super fund provider to roll a persons superannuation fund to a pension fund in the same stable and have a pension payment prior to the 30 June.  4 weeks you would think that is plenty of time.

Unfortunately this fund say they cannot get their systems organised to get a pension payment out within the month. If the person wanted to take a lump sum payment that would be okay however a pension payment is not possible. Is it only me or is that nonsensical.

What sort of service is this for the members of the fund.

Beware of your fund they are not all the same. Some offer good customer service and others think the money is theirs and not yours and you should not take the money out for any purpose. You deserve a fund that is happy to have you as a client and will respond to your requirements as quickly as possible. There is plenty of them around happy to have you as a member.