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Superannuation Complaints Tribunal

Discussion in 'Investing Glossary' started by Glossary, 28th Sep, 2006.

  1. Glossary

    Glossary Active Member

    Joined:
    12th Sep, 2006
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    25
    Definition:

    The SCT is a statutory body established by the Federal Government to handle complaints about super, annuities and retirement savings accounts under the Superannuation (Resolution of Complaints) Act 1993 (Cwlth). The aim is to do this through a conciliation process.

    The SCT is funded by your taxes (or more correctly via a levy on super contributions) and is thus entirely independent of the super industry.

    If you have a concern about a decision made by or conduct of your super fund, the first step is naturally to raise the query with the fund trustee. If, after you have made a complaint to your fund, you are not satisfied with the response received or have not received a response after 90 days, you can then lodge your complaint with the SCT.

    If through conciliation the complaint cannot be resolved the SCT will conduct a review of the relevant conduct or decision and make a determination. If the super fund fails to implement the relevant determination ASIC may go to court to enforce the SCT's determination.

    You should note, however, that the SCT cannot deal with complaints about Self managed super funds.

    Also known as:
    • SCT

    See also: