HealthSuper has launched a campaign urging members to give their super a health check, as most do not make an active investment choice.
To encourage more pro-activity, the fund is introducing a Lifecycle Default Strategy that invests members in a super option according to their age.
Those under 50 will be placed in long-term growth, 50 to 60-year-olds in medium-term growth, while those aged above 60 will go into a balanced option.
Members are to examine the new investment choices and consider combining old super accounts, and topping up with personal contributions or salary sacrifice.
The new program, which will be launched on July 1, is supported by an education campaign to explain key concepts and is designed to maximise members’ retirement savings.
It also aims to recognise younger members’ higher earnings potential to show members the long-term gains of investing in shares.
Health Super CEO Ernest Bennett says most members leave their super in the default investment option.
“The key is to keep the communication simple and make members aware of their options,” he says.
The campaign uses direct marketing, print and outdoor advertising, and online information to educate members. Health Super account managers have also begun workplace information sessions.
Health Super has over 180,000 members, 1400 employers, and $3 billion in assets under management.
— lisa bowman
