HESTA has concluded one of the largest technology projects undertaken by an Australian industry super fund.
The $93 billion fund on Tuesday confirmed the transition of its member administration services to GROW Inc and the resumption of online services.
According to HESTA, some 45,000 logins were recorded on Monday as members checked their super balances through the website and app.
Having first announced the transition’s timeline in February, the fund said that a limited services period would be scheduled from 12 April to 1 June, during which members would experience temporary disruptions to their account access and transactions.
Over this time, HESTA transitioned more than 1 million members to the new service provider and, with it, more than a decade’s worth of data.
“The transition to GROW Inc is a key part of HESTA’s strategy to continually improve member experiences and ensure they have the tools and support they need to confidently manage their financial futures,” HESTA’s CEO Debby Blakey said on the news.
“We recognise major changes like this can be challenging and we thank our valued members and employers for their patience and understanding throughout this transition.”
As part of the transition, HESTA has also integrated a new contact centre, digital services, and mail house to help ensure ongoing support, advice, and communication with members.
“The new technology platform is already providing significant data transparency, supporting real-time member updates and improved service integration. This will help us innovate faster to provide more personalised services and make managing super easier for our one million-plus members,” Blakey said.
According to HESTA, the processing of employer super contributions has also been completed, while most income stream member payments have resumed their regular schedule.
Moreover, the announcement comes after the fund confirmed in June 2023 that it would be shifting its member administration to GROW after nine years with Link Group, which rebranded to MUFG Pension & Market Services after its acquisition by Mitsubishi UFJ Trust & Banking Corporation last year.
Media reports over the six-week shutdown, however, showed that many members were not prepared for services to be so limited, while others were unaware of the planned outage having already begun.
Advice firm Hudson Financial Planning said last month that the outage caused stress, confusion, and panic for many close to retirement.
“When a large super fund experiences a service outage or system failure, your hands are tied. You can’t access your account or make changes. You’re forced to wait – and hope it gets fixed soon,” the firm said.
“Many HESTA members weren’t even aware of the outage until weeks after it began. This shows how poor communication can add unnecessary stress and uncertainty to an already complicated system.”
