National Australia Bank (NAB) has launched a super clearing house in time for new SuperStream regulations that come into effect in November.
The bank has introduced online portal NAB Super Pay, which is accessible to fund, employer and self-managed super fund customers.
Through the online portal, employers can make contributions to multiple employee funds and self-managed funds without needing to process multiple data forms and making separate payment transactions.
NAB general manager wholesale wealth Nathan Gooley said employers can send in their super contributions using file extracts from their payroll system.
The super industry processes over 100 million transactions per year at a cost of about $3.5 billion.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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