Industry funds should use technology to forge new distribution channels, according to Sunsuper chief executive Tony Lally.
Lally said the industry funds movement could be challenged by a different government next year which might do away with the current awards system.
"For us it's really about cementing our position in the old system," he said.
But the advance of technology could open up new distribution channels for industry funds to remain relevant and competitive, he said.
While SuperStream was a given technology requirement, it was the technology requirements beyond that that would make the most dramatic changes - and they centred on members' behaviours, he said.
The requirement of funds to build up bases of capital showed an evolution of the industry funds movement from a superannuation fund to a superannuation business, he said.
Sunsuper would restructure its staff, Lally said. This would result in fewer people pushing paper and more people giving advice over the phone as member demand for advice rather than just information increased, Lally said.
He said the industry funds movement needed to integrate systems to communicate with each other and members and compete within the current environment.
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.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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