Savings and superannuation

 
  1. Why can't I withdraw money from my personal superannuation plan?
  2. I want to withdraw money from my personal superannuation plan because of financial hardship. The request has been declined. Can the ISO help?
  3. I want to transfer the money in my personal superannuation plan to another superannuation scheme but my request has been declined. Why can't I transfer the money?
  4. The charges made under my superannuation/savings plan are more than I expected. Can the ISO help?
  5. My policy is maturing shortly and, based on information previously provided, the maturity value is less than I expected. Can the ISO help?
  6. I want to cancel my savings plan/policy but am not happy with the amount being offered as a cash value/surrender value. Can the ISO help?

1. Why can't I withdraw money from my personal superannuation plan?

The intention of superannuation plans is for long term investment. Therefore, you can only usually take your money out in very limited circumstances.

The Trust Deed for the superannuation plan will set out when money can be withdrawn. This can vary from plan to plan. It is unlikely the ISO will uphold your complaint if:

  • the plan's Trustee is acting in accordance with the Trust Deed provisions;
  • you were told about the provisions when you joined the plan; and
  • you were told of any changes to the Trust Deed.

2. I want to withdraw money from my personal superannuation plan because of financial hardship. The request has been declined. Can the ISO help?

Unless the Trust Deed has a provision for money to be withdrawn on grounds of financial hardship, the ISO will be unable to help. In many cases, the Trust Deed will give the plan's Trustee absolute discretion to pay a benefit on grounds of financial hardship. Where this is the case, the ISO has limited power to review a Trustee's discretion.

3. I want to transfer the money in my personal superannuation plan to another superannuation scheme but my request has been declined. Why can't I transfer the money?

The Trust Deed for the superannuation plan will state if there is provision for funds to be transferred to another superannuation scheme. If the plan's Trustee is acting in accordance with the Trust Deed provisions, the ISO cannot require it to make a payment outside the Trust deed provisions. Similarly, if the Trust Deed gives the Trustee absolute discretion to approve a transfer to another superannuation scheme, the ISO has no power to influence the Trustee in exercising its discretion.

4. The charges made under my superannuation/savings plan are more than I expected. Can the ISO help?

The ISO cannot consider complaints relating to the level of charges made for life insurance or savings services. For example, the ISO cannot decide if the charges are too high. All the ISO can do is make sure the contract has been administered correctly and that you have not been provided with any misleading information.

5. My policy is maturing shortly and, based on information previously provided, the maturity value is less than I expected. Can the ISO help?

The ISO cannot consider complaints relating to the returns or earnings offered in connection with life insurance or savings services. For example, the ISO cannot decide if the bonuses allocated are too low. All the ISO can do is make sure the contract has been administered correctly and that you have not been provided with any misleading information.

6. I want to cancel my savings plan/policy but am not happy with the amount being offered as a cash value/surrender value. Can the ISO help?

The ISO cannot consider complaints relating to the returns or earnings offered in connection with life insurance or savings services. For example, the ISO cannot decide if the earnings are too low or the charges made are too high. All the ISO can do is make sure the contract has been administered correctly and that you have not been provided with any misleading information.