Not-for-profit superannuation fund Aware Super has welcomed the Federal Government’s plan to set new member service standards for the superannuation industry.
The Government has announced that it will develop service standards for all APRA-regulated superannuation funds in death benefit claims, insurance claims and member communications.
Aware Super’s Deanne Stewart stated that service standards would be ‘good news’ for super members, noting the $192bn fund had consistently supported a set of common standards which would encourage a general uplift in service across the industry and allow consumers to easily compare customer service performance across funds.
“Aware Super welcomes the development of strong, consistent and industry-wide service standards, something for which we which we have advocated for the benefit of all super fund members.
“It is pleasing to see the government acknowledge the need for a clear and comparable set of standards, and we look forward to working with the government, industry and consumer groups to ensure the standards are robust and meaningful for members.”
Deanne Stewart, CEO, Aware Super
Deanne believes that choice was important in superannuation, and that it should be easier for consumers to compare funds and see clearly how well they served their members.
“The ability of a superannuation fund to provide service and support can make profound difference to key moments in people’s lives.”
Deanne Stewart, CEO, Aware Super
Aware Super has undergone work to improve its own member experience, having recently completed a major transformation which included insourcing its administration and a significant uplift in digital capability to enhance services for its 1.15 million members.
“We believe we are the largest super fund to have completed such a transformation, and our members are now seeing the benefits, with many transactions now able to be completed quickly and easily online.
“There is always scope for improvement and we remain focused on continuing to enhance our response times and quality of interactions with members, which requires constant effort and innovation.”
Deanne Stewart, CEO, Aware Super
This news follows the announcement of Aware Super appointing Christine McLoughlin AM as its new Chairman last year, who officially started the role in October.
Aware Super’s property investment platform Aware Real Estate also launched two major Melbourne Build to Rent schemes, which will deliver 700 new homes in the inner and northern suburbs.
The company also launched a major Build to Rent scheme at Bourke Street in Zetland earlier last year.
