The introduction of MySuper is drawing near and its intent is to help ensure Australians accumulate an adequate retirement nest egg during their working lives. But it could also prove to be a valuable impetus to get people more engaged with their retirement.
MySuper is designed for those customers who aren't terribly worried about where they have invested their super.
The million dollar question is how do we get customers to be more engaged?
Each individual's circumstances are different. We don't know what their assets look like outside super. When designing MySuper offers, AMP and our competitors have been compelled to make assumptions about people. But of course not everyone fits those assumptions. And it is here that we are aiming to use MySuper as an impetus to encourage people to have greater interest in their superannuation. We are focused on provoking members to ask themselves whether they fit the mould of the average customer. Most would say they don't - so we need to make it easy for members to engage with their super, one step at a time.
A members level of engagement with superannuation, and their financial lives as a whole, can take many forms. At AMP we're committed to supporting customers getting as engaged as they would like to. Whether it's increasing levels of insurance cover, making a choice as to where to invest super contributions or seeking education or advice, AMP aims to ensure the process is as straightforward and simple as possible. By utilising as many channels as possible, we've made it easy for members to access the information they need in a way that's convenient for them. Initiatives currently underway at AMP include:
- improving and increasing the availability of online education available to members, making it targeted for different levels of financial literacy
- improving our member communications to make them more relevant and engaging
- improving the Welcome Packs that new members receive to make it easier to engage with super
- allow members to have greater transparency and to take more control of their superannuation savings, we're supporting members to consolidate their super, making it a hassle free and simple process.
At AMP, we believe that offering customers access to sophisticated and easy-to-use tools, will allow us to remain a truly competitive and provider who clearly articulates and delivers on their promise to our customers.
Director, Corporate Superannuation for AMP
The Government's new SuperStream legislation aims to improve efficiency.