Nambawan Super is urging members to protect their Superannuation funds from fraud by ensuring that their bio-data details are always up-to-date.
Chief Executive Officer Mr Paul Sayer said having up-to-date member information helps the Fund make investment decisions and protects member’s savings from Fraud.
“We recommend members review their contact details at least every 3-years and check if they need to update their beneficiary list, based on any changes in their circumstances,” he said
“A member should contact us immediately to update their details including their photo ID, especially when they have changed their employer, their residential address, contact numbers, remarried, have a newborn, or have lost a loved one, who has been listed as a beneficiary.”
Mr Sayer explained that when a member retires, the Fund has to first verify the member’s identity through the information they have provided, and their payments can take longer to process when their information is not accurate.
“There are instances where some of our members who have been with us for more than a decade don’t have a photo, signature, or correct date of birth for us to determine their identity.”
He explained that:
- More than 70,000 members have an incorrect Date of Birth on their record;
- Just 25,000 have an email on their record;
- Less than 50% have a mobile number on their record, and
- Many members have never nominated a beneficiary to whom would receive a benefit if a member passed away.
“Date of Birth and Beneficiary information is really important for identifying members and in the case of death claims, ensuring the member’s wishes are respected,” he said.
As technology is improving, having an up-to-date email address and phone number also makes it easy for Nambawan Super to share important information with Members.
“In 2020, the Fund emailed secure, password-protected statements to their members for the first time,” Sayer said.
“The more members who register their email address with the Fund, the easier it is for NSL to offer new services straight to the members’ inbox.”
Members who wish to update their details can download a copy of the member update form on our website, or get in touch with our call centre on toll-free 180 1599, firstname.lastname@example.org, or collect a copy from the nearest NSL branch.
Members do not need to complete an MDUF to update contact information, this can be done over the counter or by phone after the Member’s identity is verified. To update date of birth and beneficiary information, Members must complete the MDUF.