HESTA superannuation
This blog is a rant against HESTA, the health and community services sector superannuation fund.
I have an account with them into which my former employer made its nine percent compulsory payments.
Upon starting at the Kalgoorlie Miner I transferred my main super account seamlessly from ING to the WA News company fund without any hassle. That’s how it should be. Just fill out a form, sign it, send it away and everything is done.
HESTA though wanted extra proof of my identity. My name, address, signature, account number, birthday, phone number, etc wasn’t good enough. They demanded a certified copy of my licence before they would transfer MY money to the the account of my choice.
A cynic would say they just want to hold MY money for as long as they can. That’s me. I’m a cynic. If they had doubts about my ID they could have called my mobile number or my workplace.
Privacy is one thing but service with respect should be paramount. They’ve got it wrong. Avoid HESTA if you want service.
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Interesting. A friend recommended Hesta to me as an alternative to my current employer fund (State Super)… I’ll give it some more thought after this, although State Super is just fine, really.
Michael Gorey would not like Federal Government super. He raises a concern common to the modern corporate world, the overzealous fixation on "privacy" at the expense of service and efficiency. But, hey, he should try Federal Government super| It provides income support for cessation on serious injury and other health grounds, or does it?
The legislation (both schemes) says it does, there is a common belief that there is a right to payment, but, the Fund does not have to pay a cent if the Fund or its agents do not want to pay. Who says that? The Court of course. The case law is quite clear, and how did that arise? Simple, all that was required was that the Fund/agents went into Court and submitted that if they did not want to pay, they did not have to. The Court agreed, and it is now case law.
Does anyone disagree with that position? Certainly not the pollies, and not the former Public Service Merit Protection Commission which said some years back that there was a discretion, and that it was the intention of the legislation. But what is ARIA’s position - it is silent, even in its Product Disclosure Statement, stating the obvious in regard to medical considerations, but silence on the fact there there is unfettered discretion regarding about 99% of cases going to it. I thought there was a legislative requirement of full disclosure, but ARIA and F&A apparently do not. Makes a great appendage to Work Choices, especially regarding its own staff.
Michael, Hesta is probably one of the better Funds. Fortunately it is not a Federal Government scheme.