Suncorp charged super members incorrect fees

The retail superannuation master trust charged incorrect fees to some of its members in the Suncorp Employee Super and Brighter Super funds and is working on remediating clients.

Suncorp charged an incorrect investment fee to its members who joined under the 30 September 2017 PDS for its Suncorp Brighter Super and Suncorp Employee super plans.

Some of the options in these funds listed investment fees net of tax (the amount actually charged) instead of on a gross basis.

The Suncorp Brighter Super PDS also listed the administration fee as 0.77%, one basis point higher than the actual fee of 0.76%. This was only for the lifecycle option.

The fund corrected these errors in the 3 April 2018 PDS. The fee issues stemmed from upgrades to Suncorp's systems and changes to its product suites, it said.

Suncorp said most of the remediation was completed on 30 June 2018, but work on closed accounts remains.

" We wrote to all impacted members advising them of the issue, and all current accounts have been remediated. We have also contacted those who have closed their accounts, to determine the best way to refund any fees that were incorrectly charged," a Suncorp spokesperson said in an emailed response.

Additionally, the Suncorp statement said: "2017 Annual Member Statements for Suncorp Brighter Super, Suncorp Employee Superannuation Plan, and Suncorp Everyday Super contained inconsistent reporting of long term performance resulting in the performance returns being under stated in some cases, and overstated in others."

It will notify impacted members through their 2018 annual member statement or through a separate notification on their online portals.

Suncorp said the disclosure errors had no financial impact to customers, but also says it will refund money to customers.

"We are working to resolve these as a matter of priority and will, if we have not already done so, notify you if your account has been affected. If your account has been impacted, we will refund the money to your account, and any interest you might have missed out on," Suncorp said in a statement on its website.

Suncorp declined to comment on: total cost of remediation, total number of members affected and expected timeline of completion.

Read more: Suncorp Employee SuperSuncorp Brighter SuperSuncorp Employee Superannuation PlanSuncorp Everyday Super
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