What should a super fund web site be able to do?
A super fund web site should allow members to find, change and learn — that is, find things like the current value of their benefits, change things like beneficiary nominations and contribution rates, and learn things about superannuation and retirement planning. Because of this, it should be both transactional as well as educational.
What can be done to improve super fund web sites?
Use e-mail communication to encourage site visits. For example, offering members the option of receiving an e-mail newsletter notifying them of the latest news when it happens. However, e-mail communication should be solicited — you don’t want to ‘spam’ your membership.
Most sites are transactional — they allow members to find and change certain things. Sites can be improved by using them more effectively as educational tools, which help members learn, using tools like online seminars, learning modules and interactive games.
They can also be improved by giving members some cyber space of their own — an online forum in which different groups of members can raise and discuss specific issues of mutual relevance and interest with each other, as well as with the fund management.
This could be as simple as an online bulletin board or chat room, but it could even evolve into sub-sites where content is completely managed by the members themselves. This can help foster a community rather than a mere database of members where the most important issues to members are addressed.
The latest superannuation performance test results have shown improvements, but four in 10 trustee-directed products continue to exhibit “significant investment underperformance”, warns APRA.
The corporate regulator has launched civil proceedings against Equity Trustees over its inclusion of the Shield Master Fund on super platforms it hosted, but other trustees could also be in the firing line.
The shadow minister for financial services says reworking the superannuation performance test to allow investment in house and clean energy risks turning super into a ‘slush fund’ for government.
Australia’s superannuation sector has expanded strongly over the June quarter, with assets, contributions, and benefit payments all recording notable increases.