One of Australia's biggest super funds is freezing services until June
www.abc.net.au
HESTA won't process super contributions, regular withdraws, investment switches and insurance claims until June, due to a system changeover. Consumer advocates and members have expressed concern about the freeze on funds.

In short:

Members of HESTA will be unable to access most services until June, as the superannuation fund undertakes a planned outage to change its administration provider.

Advocacy group Super Consumers Australia says members are “rightly worried” about the lack of services, which follows recent market volatility.

HESTA has more than 1.05 million members and around $88 billion in funds under management, making it one of Australia’s largest funds.

  • No1@aussie.zone
    4·
    12 days ago

    lol

    Available for requests received

    That means you request it, it won’t be processed.

    Withdrawals, including rollovers out, will be processed after the limited services period (from Monday 2 June).

    Tick, tick, tick…

    So, every rollover, withdrawal, switch etc, is being backed up until June. Do you know what the peak processing period is for super?

    What if the stock market drops? I want to move from shares to cash. Haha. Maybe in a month or two.

    Good luck, my HESTA bros.

    PS: You may be able to request a rollover directly via https://my.gov.au/ ATO, but may be no more likely to be processed any faster than the above… Maybe in concert with the AFCA or ombudsman…