Ashani* was a member of a superannuation plan. The Trustee of Ashani’s superannuation plan owned insurance policies (the investment) on behalf of its members. In August 2016, Ashani was told the plan would be wound up and the insurance policy relating to her would be transferred into her name. A few months later, Ashani asked to withdraw her money from the plan. Ashani was told she would get $2,000 less than the full value of her plan, as she was withdrawing the money early. This was in line with the rules of the superannuation plan. Ashani said she should receive the full value of the plan.
As Ashani hadn’t signed the relevant paperwork to transfer the policy into her name, the Trustee of the superannuation plan was still the owner of Ashani’s policy. The provider could rely on the Plan document to assess Ashani’s withdrawal request and apply the early withdrawal value to Ashani withdrawal request.
Complaint not upheld.
*Names have been changed.