Super group’s talks with minister to head off customer angst

The newly formed Super Members Council of Australia will speak with ­Financial Services Minister Stephen Jones on Friday about policy changes to reduce complaints against funds.

The incoming chief executive of the Super Members Council of Australia, Misha Shubert.

Leaders involved in the newly formed industry superannuation lobby group, the Super Members Council of Australia, will meet ­Financial Services Minister Stephen Jones on Friday to discuss policy changes that could help reduce super fund complaints.

The group’s new chief executive, Misha Schubert, said the ­industry leaders would be dis­cussing ways to improve services to members, which could include proposals for reforms in key areas that have created friction points for fund members. While she did not wish to detail what points would be put to the minister at the round table, she said some suggestions would be aimed at faster processing of benefit claims such as having digitised death certificates across Australia.

Concerned at the rising number of complaints against funds, as outlined in reports by the Australian Financial Complaints Authority, particularly around insurance claims, Mr Jones last year told super funds they had to lift their game in the area.

In an interview with The Australian, Ms Schubert said the SMC had requested the round table with the minister to “strongly telegraph our shared commitment to ensuring the highest standards of service for super members across the country”.

“Super members expect that when they contact their funds, they will have their claims processed quickly and they will have a responsive service,” she said.

“This is a fantastic opportunity for the funds in the Super Members Council to brief Mr Jones on the proactive steps that they are taking to ensure that their service standards are high.”

The council was created last year by the industry super funds such as the $320bn Australian­Super, that were members of the Australian Institute of Superannuation Trustees and Industry Super Australia.

The federal Financial Services Minister, Stephen Jones. Picture: Blair Jackson

Ms Schubert said the organisation would be “a powerful new voice in the super policy landscape, proactively contributing high-quality analysis and new ideas into the policy discussion in Australia to keep the superannuation system strong to safeguard the retirement savings of millions of Australians”.

“We have built this shiny Australian success story in the form of a super system in which millions of Australians now have the chance to build wealth through the course of their working lives,” she said.

“We need to safeguard the system and think more actively now around the opportunities ahead to evolve the system as more Australians reach retirement age.”

Ms Schubert said the group would be arguing superannuation needed to be preserved for the retirement savings of members and not accessed earlier for other policy reasons.

The Liberal Party argued at the last election that superannuation should be accessed for first-home buyers to help fund a deposit on their home.

“There is a clear understanding amongst Australians that superannuation is there for their retirement,” Ms Schubert said.

But asked whether super should be accessed earlier for other reasons such as paying for IVF treatment, which has been raised by the super fund NGS, she said: “We support the existing stringent provisions to access super on financial hardship and compassionate grounds”.

Ms Schubert was speaking on the release of the council’s submission to the government on reforms to the retirement side of superannuation. The council is advocating changes that it says will “make retirement simpler and easier to navigate”.

These include passing the proposed changes to the laws around the provision of financial advice by super funds by the end of the year, making it easier for members to switch from accumulation funds to retirement products and ending the ban on people being able to contribute to their super when they are in retirement.

“Retirement is changing, and super in retirement needs to change with it,” Ms Schubert said.

“There’s a huge appetite for high-quality, low-cost and no-cost advice to help people plan wisely for retirement.

“We want to ensure retirement is simple, easy and flexible. People should be able to have confidence that they are in a good product that’s right for them.”

Originally published as Super group’s talks with minister to head off customer angst