POWERED BY MOMENTUM MEDIA
legalsuper benefits from thorough default fund review
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| Andrew Proebstl
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legalsuper has replaced AMP as the default superannuation fund for the Aboriginal Legal Service of Western Australia (ALSWA) following a thorough review process that placed an emphasis on employee benefits, according to legalsuper chief executive Andrew Proebstl.
The ALSWA conducted a six-month open tender review process with an internal staff superannuation committee advised by an independent third party adviser.
A shortlist of four funds presented their credentials to the committee and the third-party adviser, and Proebstl said the fact that legalsuper was dedicated specifically to legal sector employees as well as the fund’s focus on services were major factors in the fund getting the nod.
He commended ALSWA for keeping employee concerns top of mind, and said that too often employers placed more emphasis on commercial considerations rather than what is best for employees.
“The six-month review was well-considered, thorough and sets the standard for all other employers considering reviewing their default super fund,” he said.
Many employees trusted their employers to select the most suitable super fund on their behalf, he said.
“Employees have a mentality of ‘employer knows best’ and more often than not accept in good faith and on face value their firm’s default fund without much consideration. Accordingly, it is important that employers make an informed decision and are transparent with their employees as to why the fund was chosen.”
ALSWA’s chief financial officer Tina Ward said that since super is not top of mind for many employees, it is very important that a super fund comes on site to speak to staff.
“We believe this expanded type of service will truly ensure our staff understand and are empowered to make informed decisions on key aspects of their super such as contribution options and investment choice selection,” she said.
AUTHOR
Mike Taylor
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