Ross Bowden
ING Australia has announced major changes to its corporate and small to medium sized enterprise (SME) superannuation products that will see significant enhancement in support services for employers, advisers and members.
ING executive director of employer super Ross Bowden said the upgrades taking place from October 1, 2007, will make ING’s Corporate Super and Integra Super (SME specific) products easier to use and more comprehensive.
“ING research conducted over the past 18 months found there was a real appetite for fund managers, in a post choice of fund environment, to be more proactive,” he said.
“The changes we have implemented are focused on simplifying and demystifying super. We have streamlined our products and enhanced them so that they provide more of the things advisers and employers were looking for to help them structure a more customised plan.”
According to Bowden, the most significant changes will include increased benefit levels to members insurance, with a basic level of cover available for all occupations regardless of plan size, a new Group Salary Continuance option to age 65, and the introduction of a range of family member discounts and benefits.
Bowden also said insurance commissions will be paid monthly instead of annually in arrears, on top of enhanced fee-for-service remuneration options.
“Our service and transactional gateways have been improved to make it easier and less complicated to contribute and interact with ING.”
Bowden said the enhancements are being made at a time when many are simply focusing on complying with the new ‘simpler super’ regime.
“ING has complied with the legislation, seen large inflows as a result of the changes and now enhanced our product significantly — demonstrating our commitment to growth in this specialised marketplace.”
