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ASFA calls for coordinated approach
The Association of Superannuation Funds of Australia (ASFA) has called for a coordinated approach to dealing with the issues of member contributions and lost super, arguing that a viable answer will not be achieved by groups working alone.
The call came as electronic payment specialist company Payment Adviser joined with Cuscal to deliver a superannuation transaction service directly targeted at assisting small business owners.
The two companies claim their new service will assist the estimated 80 per cent of small business owners still making superannuation contributions using cheques and manual administration arrangements.
Commenting on the launch of the new product by Payment Adviser and Cuscal, ASFA chief executive Pauline Vamos said it was a welcome addition to the superannuation industry’s electronic transaction processing capabilities and demonstrated the willingness of the industry to invest and innovate in order to improve efficiency.
However, she warned that issues around industry efficiency could not be addressed in a piecemeal manner and that a strategic focus was required with respect to the issues of multiple accounts, lost members, contributions and member enrolment problems.
AUTHOR
Mike Taylor
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