A large defined benefit superannuation fund encountered a wide range of systemic data and administrative errors in the calculation of member benefits. This resulted in incorrect disclosure to members, calculation of investment earnings, regulatory breaches, and in some instances payment of benefits.
A successful provider of a wealth platform, offering members direct access to ASX investments through their superannuation balance is required to assure the regulator confidence in the integrity of data records needed to support complicated investment products.
The trustee of a superannuation fund with over 800,000 members required advice and representation in the management of a tender to outsource administration services. The question was whether to renew with their existing provider or select from a list of alternate providers.