Onus on funds to provide super reform education

Superannuation funds have a responsibility to inform members of super reforms or the area may become another "black hole" in members' superannuation awareness, Energy Super chief executive Robyn Petrou said.

Energy Super's latest member survey found that although members increasingly wanted information on changes to the nation's super system, awareness levels were vastly different across the member base.

Almost a third of respondents were unsure if they held a defined benefit or defined contribution account, and one in 10 respondents were unsure of their account balance.

Yet members regularly sought information from the fund.

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More than four in five (86.8 per cent) members had visited the fund's website to garner information, while more than a third (37.8 per cent) said they had attended an Energy Super seminar on current super issues. 

A further 36.4 per cent said they would consider attending a seminar in the future.

"The specifics of Stronger Super have the potential to be another knowledge black hole for members, particularly as the reforms begin to come into effect next year.

"This once again puts the onus on super funds to do what they can to set the record straight," Petrou said.

Petrou said that because superannuation was a retirement vehicle, funds had a responsibility to invest in education and information campaigns to keep members up-to-date.

Last month, an Investment Trends/Q Super survey found auto-consolidation was a mystery for 68 per cent of respondents, while only one in three were aware of MySuper legislation.

The survey of 1000 Energy Super members showed more than half were aged 30-55 while 71.5 per cent were employed full time.