Retirement
Industry super funds shine in customer satisfaction report
Industry super funds are outstripping their retail counterparts and excelling in customer satisfaction outcomes, a new report has shown.
Industry super funds shine in customer satisfaction report
Industry super funds are outstripping their retail counterparts and excelling in customer satisfaction outcomes, a new report has shown.
According to the recently released Roy Morgan report, Satisfaction with Financial Performance of Superannuation in Australia, July 2019 edition, 62.8 per cent of people with their superannuation in an industry fund reported being satisfied with the financial performance of their fund, compared with just 57.4 per cent of retail fund members.
Roy Morgan noted that while industry funds have improved their customer satisfaction level by 1.1 per cent on last year’s finding, retail fund member satisfaction has dropped by 1.2 per cent to current levels.
Top performers
Based on member satisfaction, nine of the top 12 performing funds to July 2019 were earmarked as industry funds.
Cbus was the most highly rated fund, with a 73.2 per cent satisfaction rate, a jump of 8.8 per cent satisfaction on last year’s results.
Catholic Super came in second with a satisfaction level of 71.3 per cent, despite noting the largest decline in customer satisfaction since last year’s survey, down by 2.6 per cent on 2018’s findings.
UniSuper ranked third with a satisfaction level of 69.6 per cent, and saw an increase to satisfaction of 1.2 per cent from last year.
First State Super (68.4 per cent) and Tasplan (68.4 per cent) rounded out the top five.
The only three retail funds to make the top 12 were Macquarie (68.2 per cent), ranked sixth; Mercer (64.4 per cent), ranked ninth; and Suncorp (61.1 per cent), ranked 12th.
Commenting on the findings, Roy Morgan’s CEO, Michele Levine, highlighted that “the satisfaction of members with the performance of their super fund is key to whether a member will continue to hold their super with their current fund or consider choosing a new fund”.
She said the results show that industry funds are stretching their lead over retail funds in improving their member satisfaction.
Noting member satisfaction for industry funds as “the equal highest satisfaction for industry funds since March 2008”, the CEO noted that this marked the onset of the global financial crisis.
“The increase in industry fund satisfaction to some extent tracks the performance of the Australian sharemarkets which reached a new record high in July nearly 12 years after their previous high prior to the GFC,” she said.
“However, the decline in member satisfaction with retail super funds from a year ago by 1.2 per cent to 57.4 per cent shows there is more to managing superannuation than a high-flying sharemarket.”
RELATED ARTICLES
About the author
About the author
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
