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Admin blunder sees super fund launch investigation

Admin blunder sees super fund launch investigation

Investigation
Reporter
19 November 2018 — 1 minute read

A not for profit super fund has investigated over 226,000 current and former defined benefit accounts after an administrative error left some members with incorrect balances.

In an update to members, public sector super fund QSuper stated that an administrative error had resulted in superannuation balances being incorrectly reported for some of its defined benefit accounts.

The super fund conducted an investigation across over 226,000 current and former defined benefit accounts and found 246 members whose balances were lower than they should have been and 100 members whose balances were higher than they should have been.

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While QSuper has restored the account balances for the 246 members whose balances were lower than they should have been, the super fund said it was still in the process of contacting the 100 members whose balances were higher than they should have been to “personally address their circumstances”.

An auditor has been engaged to confirm that the underlying issues have been appropriately addressed.

Admin blunder sees super fund launch investigation
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