Funds to start rebuilding balance conversation

Superannuation funds are looking to inform members who have participated in the Government’s early release of super hardship scheme on what the implications are in the long term in the next coming months, according to a panel.

Speaking at the Australian Institute of Superannuation Trustees (AIST) super engagement symposium, NGS Super head of brand and marketing, Melissa Adam, said when discussing how to message the implications of the scheme, the fund decided that advice needed to be based on personal circumstances.

“We weren’t in a position to say if it was something they should or shouldn’t do,” she said.

“We believe there was an opportunity for people that did take early release to engage with them on how to rebuild their balance.

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“If they needed the money in the short-term we could talk with them after to discuss what they need to do to plan for the long-term.”

When asked when would be the time to talk to members about how to make up their super, Adam said over the next few months would be the right time to start that conversation.

“It will be a very softly softly approach from an angle of reassurance and that super is for the long-term,” she said.

Agreeing, HESTA head of insights and experience, Sam Harris, said his fund’s approach was very similar and whether taking the early release was the right or wrong thing to do, it was about supporting their members.

For TelstraSuper executive general manager digital and marketing, Jean-Luc Ambrosi said it was important to make the information simple and readily available, along with information about making the choice to take early release or not.

“We are giving members the opportunity to speak to someone within the organisation to make this decision and I think that’s part of our duty of care,” he said.

“The information needs to be on how they can access it but also answering questions on whether it is the right decision for the member because super is for the long-term.”