Super funds pleasing members on super and pensions

Superannuation funds are stepping up their game on service delivery on pensions and retirement and members are appreciating the improvements, according to new analysis from Investment Trends.

Investment Trends has responded to an Australian Prudential Regulation Authority (APRA) update by citing its own research contained in its Super Member Engagement Report and Retirement Income Report.

“These reports reveal significant improvements in super fund services and member satisfaction with their pension accounts, supporting APRA’s observations and highlighting essential trends and opportunities for the superannuation sector,” Investment Trends said.

It said the SME report had highlighted more than 34 service elements ranked by members for overall satisfaction.

Transfer to and withdrawal from the pension account received the highest satisfaction ratings of 76% and 73%, respectively, while ease of access to information received a 71% satisfaction rating.

“These good satisfaction ratings underscore the success achieved in supporting retirees as they transition into retirement, echoing APRA’s observation that promoting the availability and access to retirement-focused information is crucial,” Investment Trends said.

Commenting on the data, Investment Trends chief executive, Eric Blewett said it clearly showed that super funds were stepping up their game on service delivery and members were appreciating the overall experience.

The report findings also show that 60% of retirees either ‘agree’ or ‘strongly agree’ that their super fund offers retirement income products suitable to support their retirement lifestyle.

“The positive feedback from retirees indicates that super funds are successfully aligning their product offerings with the diverse needs of retirees. This is a significant achievement, reflecting a deep understanding of member needs and effective product design, which resonates with APRA’s emphasis on addressing retirees’ needs. There are many tangible metrics that trustees can adopt to assist measuring and tracking the success of retirement income strategies,” Blewett said.

However he said that despite the progress made, the research also identifies gaps and opportunities for super funds to accelerate the implementation of retirement income strategies.

“There is still work to be done in terms of strategy implementation and tracking success, as highlighted by APRA,” Blewett said.