Correction of information in your AustralianSuper exit statement

We’ve found that certain information was shown incorrectly or omitted in the exit statements received by some members when they closed their AustralianSuper account. There was no financial impact to members’ account balances as a result and there is nothing they need to do. However, we’re letting you know about the corrections to ensure you have all the relevant information. 

We’ve identified a range of display errors in exit statements and some members may have been affected by more than one. Below you’ll find questions and answers covering each type of error.

We’re sorry for these errors. We continue to review our processes and systems to prevent issues like this occurring again.

The following FAQs have been prepared to help answer some questions you may have in relation to the letter you received correcting certain information shown in your exit statement. 

We’ve found that the ‘Transfer in’ amount shown in ‘Your account summary’ on the exit statement you received may have been understated by the amount of Downsizer contribution(s) you made.

The contribution amount(s) was shown correctly in ‘Your transaction history’ but wasn’t labelled as a Downsizer contribution(s). Your Downsizer contribution(s) as stated in the letter you received was correctly applied to your account.

We’ve found that the total of the income payments shown in ‘Your account summary’ on the exit statement you received, may have been overstated. 

We’ve conducted a review to ensure that any member impacted by a display error on their exit statement had the correct income payments deducted and paid from their account.

You may check the amounts deducted from your AustralianSuper account against the income payments paid into your nominated bank account.

We’ve found that the Member Direct investment option performance (%) shown in ‘Your investment performance’ on the exit statement you received was incorrect. 

The correct investment performance (%) that should have been displayed for Member Direct is shown in the correction letter you received. The correct investment performance was applied to your account.

We’ve found that some fees known as ‘Other management costs’ were omitted from your exit statement. As a result, the ‘Fees and costs deducted from your investments’ and ‘Total fees and costs you paid’ shown on your exit statement were understated. 

The amount by which these items were understated is shown in the letter you received. The correct fees and costs were applied to your account.

We’ve found that ‘Fees deducted directly from your account’ and ‘Total fees and costs you paid’ in ‘Your fees and costs summary’ shown in your exit statement were understated. 

The amount by which these items were understated is shown in the letter you received. The correct fees were applied to your account.

We’ve found that some of the Member Direct fees and investment returns ($) may have been omitted from your exit statement and these are detailed in the letter you received. As a result of the omission, ‘Fees and costs deducted directly from your investment’ and ‘Total fees and costs you paid’ may also have been understated in your exit statement. The correct fees and investment returns were applied to your account.

We’ve found that some income payments, investment performance (%) and returns ($) may have been omitted from your exit statement and these are detailed in the letter you received. The correct income payments, investment performance and returns were applied to your account.

No, these issues did not affect your super/pension account balance. 

Please be assured they were display errors only, the correct contributions, income payments, investment performance and returns, fees and costs were applied to your account.

While there was no financial impact to your account balance as a result of any of these errors, we’re letting you know about the corrections to ensure you have all the relevant information.   

We’ve conducted a review to ensure that any member affected by a display error on their exit statement had the correct contributions, income payments, investment performance and returns, fees and costs applied to their account and received the correct final benefit payment when they closed their account.

You don’t need to do anything. These were display errors only. We’re letting you know about these corrections to ensure you have all relevant information.

We’re unable to provide you with a corrected exit statement, however we can provide you with another copy of the exit statement you originally received for your reference. 

Your exit statement can be read in conjunction with the letter you received about the correction. 

We recommend you keep your correction letter with your exit statement for your reference. 

No, the tax reporting sent from AustralianSuper to the Australian Taxation Office (ATO) was correct and was not impacted by the display errors.

The letter you received about a transaction that wasn’t processed on time in your closed account is not related to the display errors we’ve identified on the exit statements received by some members.

The transaction delay and display errors on exit statements are two separate incidents that have been thoroughly investigated.

Members whose accounts were financially disadvantaged by a transaction delay have received a compensation payment to return them to the position they would have been or as close as possible had the error not occurred. More information about the transaction delay error is available at australiansuper.com/WorkflowRemediation

The display errors in exit statements did not financially impact members’ accounts and there is nothing you need to do. However, we’re letting members know about the corrections to exit statements to ensure you have all relevant information.

The letter you received about a fee charged incorrectly to your Transition to Retirement (TTR) account is not related to the display errors we’ve identified on the exit statements received by some members.

The TTR fee error and display errors on exit statements are two separate incidents that have been thoroughly investigated.

Members who were incorrectly charged a fee on their TTR account have received a compensation payment to return them to the position they would have been or as close as possible had the error not occurred. More information about the TTR fee error is available at australiansuper.com/TTRRemediation

The display errors in exit statements did not financially impact members’ accounts and there is nothing you need to do. However, we’re letting members know about the corrections to exit statements to ensure you have all relevant information.

If you have a complaint, please discuss it with us by:

• calling 1300 300 273 8am to 8pm AEST/AEDT weekdays,
• emailing your complaint to us at complaints@australiansuper.com,
• filling in an online form at australiansuper.com/email, or
• writing to the Complaints Officer, AustralianSuper, GPO Box 1901, MELBOURNE VIC 3001.

We aim to address all complaints as soon as possible and generally within 45 days of receiving your complaint. However, you can ask your assigned Complaint Officer for an update at any stage.

If you are not happy with our response to your complaint, or if you have not received a response within 45 days, you can contact the Fund's external complaints resolution body, the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. However, before raising a complaint with AFCA, we encourage members to utilise the complaints procedures of the Fund.

Australian Financial Complaints Authority
GPO BOX 3
MELBOURNE VIC 3001
Telephone: 1800 931 678
Email: info@afca.org.au
Website: afca.org.au