One of Australia's biggest super funds [HESTA] is freezing services until June (www.abc.net.au)

submitted 1 month ago by [email protected] to c/[email protected]

8 comments fedilink hide all child comments

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.

all 9 comments

sorted by: hot top new old

[-] [email protected] 5 points 1 month ago* (last edited 1 month ago)

OK.

They do not mention anything about rollovers. You must be able to switch from HESTA to any other super fund.

This sounds like a class action lawsuit for the ages....

[-] [email protected] 3 points 1 month ago

https://www.hesta.com.au/campaigns/admin-changes-2025

Withdrawals, including rollovers out and starting an income stream

From Saturday 12 April – Thursday 17 April 5pm AET (unless otherwise indicated below)

Available for requests received (either online or via the Application for benefit payment form (pdf) up to Friday 11 April 5pm AET, then unavailable.

From Friday 18 April – Sunday 1 June

Unavailable

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

Following the limited services period, processing times for some transactions may take longer than usual while we process outstanding requests received during the limited services period and services return to normal.

Maybe not lmao

[-] [email protected] 4 points 1 month ago* (last edited 1 month 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...

[-] [email protected] 5 points 1 month ago

That's a long time to freeze access!?

[-] [email protected] 3 points 1 month ago

If they mentioned the freeze before they actually froze, they would never have been able to freeze from the volume of rollovers/funds going out.

[-] [email protected] 3 points 1 month ago

Can you imagine what a crapshoot it'll be if their system migration goes badly X_X

[-] [email protected] 3 points 1 month ago

This is ridiculous and should not just be a class action. There should be prosecutions for inadequate measures to protect people's assets.

The assets are bigger than most people's bank account balance, so why aren't they able to at least be as good as those shit apps and access.

[-] [email protected] 2 points 1 month ago

If they're not processing contributions, maybe I should tell the boss to just hang on to the money for a few months until this process is finished? 🤔

this post was submitted on 18 Apr 2025

8 points (100.0% liked)

AusFinance

1074 readers

1 users here now

founded 2 years ago

MODERATORS

[email protected]