Administration and processing issues

UniSuper has been experiencing some issues relating to how we process information and administer superannuation benefits. Most of our members are not affected by this situation. However, for some members, their account information may be incorrect as stated on our administrative system.

We are in the process of conducting a review of our administrative systems and processes, and will be rectifying all known issues.

From the information we have to date, we know that approximately six per cent of our membership has some inaccuracy with their accounts. The majority of the inaccuracies for current members are due to errors that can be easily fixed and we expect to fix these errors before the end of June 2010. However, we know that some accounts have more complex problems, which will take longer to fix.

For members identified as having a potential issue, we have delayed their most recent Benefit Statements and, in some cases, restricted access to their financial information online through MemberOnline. This is important because we do not want to mislead our members with inaccurate information while we resolve these issues.

Some accounts will require financial adjustment to benefits, which, in most cases, will not be significant. If the review identifies an error that requires a benefit adjustment of $20 or more, we will write to those members to explain the correction. Members whose accounts require a benefit adjustment of less than $20 will be informed of the adjustment on their regular Benefit Statement.

Importantly, we would like to stress, there is no problem with the Fund’s investments or our ability to pay benefits to members.