Indigenous people’s super engagement hampered

AIST/indigenous-australians/

18 September 2019
| By Jassmyn |
image
image image
expand image

Cultural and structural issues are hampering Indigenous people’s ability to engage with superannuation funds, especially when it comes to meeting identification requirements.

A report by the Indigenous Super Summit 2019 said meeting basic identification requirements of super funds – such as a driver’s license of passport – was a key obstacle for Indigenous members needing to access information about their fund and/or process claims.

It also noted that other challenges included:

  • Structural hurdles among funds that do not allow Indigenous people to nominate people who are outside their immediate family but within their kinship structure;
  • Lost superannuation;
  • Access to financial services in rural and remote areas; and
  • Lack of internet access.

Australian Institute of Superannuation Trustees (AIST) chief executive, Eva Scheerlinck, said the industry and regulators were working towards standardised identification requirements and binding death nomination forms, but more needed to be done to improve outcomes and achieve consistency across the industry.

“While super fund representatives are working with regulators on an industry approach to some of the bureaucratic issues, there is also a need for greater collaboration between funds and services providers, such as financial counsellors,” she said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 5 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5