Cultural and structural issues are hampering Indigenous people’s ability to engage with superannuation funds, especially when it comes to meeting identification requirements.
A report by the Indigenous Super Summit 2019 said meeting basic identification requirements of super funds – such as a driver’s license of passport – was a key obstacle for Indigenous members needing to access information about their fund and/or process claims.
It also noted that other challenges included:
Australian Institute of Superannuation Trustees (AIST) chief executive, Eva Scheerlinck, said the industry and regulators were working towards standardised identification requirements and binding death nomination forms, but more needed to be done to improve outcomes and achieve consistency across the industry.
“While super fund representatives are working with regulators on an industry approach to some of the bureaucratic issues, there is also a need for greater collaboration between funds and services providers, such as financial counsellors,” she said.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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