Super funds fail to communicate change
Super funds are not communicating with employers about the Stronger Super reforms and how they will affect them, according to Aon Hewitt senior consultant and actuary Ashley Palmer.
The findings were part of a survey released at the Australian Institute of Superannuation Trustees' employer symposium that surveyed what employers with a mandated super fund thought of the Stronger Super proposals.
The most common complaint that employers have is that there was no communication from their super fund about Stronger Super, Palmer said.
Palmer criticised trustees and providers who decided not to communicate with their associated employers until they were ready with an action plan.
"That's not really thinking about the end user or the employer or the employee," Palmer said.
Employers wanted to start the journey now, and even communicating about a super fund's ideas or broad timelines was the most important aspect for them, he said.
Super funds need to provide some reassurance, Palmer said.
Super funds should look at points of differentiation like a great insurance offer or a great investment offer that employers want to communicate to their workers, he said.
Questions from workers around nominating beneficiaries and putting additional money into super need specialist financial advice, and providers need to be on hand to assist employers, he added.
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