Mercer has upgraded its online offering for members of its Mercer Super Trust.
The company announced this week that the upgrade meant members of the trust could access additional personal information about their superannuation in real-time and ‘on demand’.
According to Mercer, the enhancements provide members with a ‘workflow view’ — something that will allow them to track transaction requests such as investment switches and to view correspondence in real-time.
It said in addition, members would soon be able to receive super account updates from short message service (SMS) messages on their mobile phones.
Commenting on the changes, the Asia Pacific leader of Mercer’s outsourcing business, David Anderson, said Australians had a reputation for being modern technology users and this had extended to financial services through online banking, share trading, general insurance and health insurance.
However, he said the superannuation industry had tended to lag behind other financial services, with the result that while most super funds had informative websites, they tended to be static and one way.
Introducing reforms for strengthening simpler and faster claims handling and better servicing for First Nations members are critical priorities, according to the Super Members Council.
The Commonwealth Bank has warned that uncapped superannuation concessions may be “unsustainable” and has called for the introduction of a superannuation cap.
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).