Fund warns of third party dealings

NAMBAWAN Super Limited (NSL) has warned its 200,000-plus members to avoid any dealings with third-party agents, claiming to be working on behalf of NSL.
NSL chief executive officer Paul Sayer said members’ lifetime superannuation savings could become an attractive target.
Sayer said as a fund with a portfolio of more than K8 billion, it came with the ever-increasing risk of fraud in tough times.
“The fund has already received several reports of members being asked to pay fees from those posing as third parties to help them with their applications,” he said.
“It’s important for our members to know that NSL does not use any third-party agents and any service you receive from us is free – we do not charge members any fees.”
Sayer said NSL only dealt directly with its members who could be served at its branches.
“If you live and work close to one of our branches, it is best to lodge your application at your local branch,” he said.
“At our branches, we implement a strict member identity check and verification process, but if a member provides this sort of data to anyone posing as a third-party agent, they can put their superannuation savings at risk.”
Sayer said the fund also required that all applications be submitted in person by the member.
“In the case of deceased members, NSL will accept an application from the member’s nominated beneficiaries,” he said.
“The fund has automated systems in place that ensure timely turnaround times in the processing of applications.”
Sayer said anyone found to be engaging in such fraudulent practices to solicit a fee from Nambawan Super’s members will be referred to the police for prosecution.
Members must follow the documented exit process, which requires them to complete a separation authority form and statutory declaration specifying the payment method and employment status, in addition to presenting the exit letter from their employer, two recent pay slips, bank statement and a recognised ID.
“We want our members to be vigilant and safeguard their hard-earned savings.”