UniSuper has launched a comparator tool that allows its members to see how their super savings are tracking against other members of the fund.
The fund’s new tool, Compare Me, is also aimed to help the fund’s members reach their retirement goals by enabling them comparison of their current balance to the average super balance of other members based on similar age, gender, and product.
Additionally, after taking into account an individual member’s comparable super balance and their stage of life, the tool will subsequently offer tailored suggestions for members, such as recommendations to use a budget planner or consolidating accounts.
According to UniSuper chief executive officer, Kevin O’Sullivan, retirement adequacy remained a key issue facing the superannuation sector.
“In our view, superannuation’s primary purpose is to smooth consumption over a person’s life by replacing income from employment with income from retirement savings,” he said
“By allowing individual members to compare their situation to other members with a similar profile, we are able to give a clear indication of how they are progressing toward their retirement goals.
“We can then also provide tips and support to help them improve their current situation, sooner rather than later.”
