In a move aimed at addressing client concerns about additional administration costs and processes under a choice of fund regime, BT Financial Group is introducing a new clearing house solution as part of its superannuation payment disbursement process.
The new solution will be implemented from July 1 this year, and is aimed at making life easier for employers by offering one process to management the disbursement of contributions to multiple superannuation funds.
According to BT Financial Group’s head of corporate superannuation, Geoff Peck the solution is based on the linking of BT’s online employer interface with Westpac’s existing payment disbursement facilities.
“This solution will offer employers a streamlined process with one point of access into BT’s contribution hub, which will manage transactions across BT’s super product range, including BT Lifetime Super — Employer Plan and BT Business Super, and onto any non-BT managers,” Peck said.
He said the solution was based on a cheque splitting and payment processing facility which would operate alongside employer’s existing payroll systems.
“Dealing with super choice is not about technology and administration, BT will also provide employers with information and assistance to help them understand the new super choice regime,” Peck said.
