The Superannuation Complaints Tribunal was established by the Australian Commonwealth Government by the Superannuation (Resolution of Complaints) Act 1993 (the SRC Act) following a recommendation of the Senate Select Committee on Superannuation (the SSCS) in June 1992. The Tribunal commenced operation on 1 July 1994 and held its first review meeting on 15 December 1994.
The Tribunal deals with complaints about superannuation, specifically in the areas of regulated Superannuation Funds, annuities and deferred annuities, and Retirement Savings Accounts.
Tribunal proceedings generally aim to resolve a complaint through conciliation. If conciliation is unsuccessful , a formal review of the decision/s or conduct relating to the complaint may be undertaken by a panel of Tribunal members and a determination issued.
The Tribunal has approximately 20 members (numbers vary depending on appointments), drawn from a variety of professions (superannuation, insurance, actuary, law, finance, medicine, rehabilitation, sociology) from around Australia.
Usually, three Members are allocated to sit at a review meeting, with the allocation dependent on the nature of the complaint. The Tribunal Chairperson or Deputy Chairperson is often one of the members of the review meeting panel.
In all its work, the objectives of the Tribunal are to be:
- Fair
- Economical
- Informal
- Quick