Important information for members waiting for a benefit payment

Update: 10 October2007

We previously reported to members that due to the need to enhance our systems for the Better Super reforms and the allocation of Fund earnings, there would be delays in processing benefits.

In addition to delays in system availability, the number of benefits applications in this period has been significantly higher than usual, creating a backlog of applications. Our administrator, ComSuper, is in the process of clearing the backlog of benefit applications created by these circumstances. We anticipate resuming our normal service level standards for processing benefits by end-December 2007.

While this backlog is cleared we will continue to give priority to any members who are faced with non-discretionary retirement situations, such as invalidity.

We do sincerely apologise for these delays and thank you for your patience.

Update: July 2007

As we approach the end of the financial year, we are placing a freeze on benefit processing. This will enable us to install the necessary new processes and administration system changes to accommodate the Government’s new Better Super tax changes (effective 1 July 2007).

This temporary processing freeze started on 13 June 2007 and will end on 30 June 2007, with benefit processing beginning again from 2 July 2007.

Although we will be able to continue to process lump sum only benefits up until 26 June 2007, any benefit application where you have applied for a pension will now not be able to be processed until after 1 July 2007 and will be processed under the new tax arrangements.

If you have already submitted a benefit application electing for both a pension and a lump sum and have indicated that you wished to have the lump sum processed under the existing taxation arrangements (i.e. before 30 June 2007) and your application is affected by the processing freeze, we will contact you to discuss the effect on your benefit payment.