Each year CANSTAR researches and rates public offer superannuation funds, looking at both price and features to determine which funds are providing outstanding value for Aussie workers. For 2016 Sunsuper has won an Outstanding Value rating across all investor profile assessed by CANSTAR – from those just starting out in the workforce to those getting ready for retirement. In is indeed an outstanding achievement!
CANSTAR caught up with Sunsuper to find out more about member engagement, economies of scale and investment choice.
Q: When it comes to member engagement, how important is it to provide innovative tech solutions. How do you foster this innovation within Sunsuper?
A: At Sunsuper, our customers are at the heart of everything we do. It’s not only how we interact with our members, but how they can interact with us and technology plays a major role in this. We are constantly looking for new ways to engage with our customers as technology changes the way we interact.
As part of our Future State initiative our Digital Strategy sharpens the focus on customer experience together with technology and infrastructure to deliver deeper customer engagement. A large part of how we foster innovation here at Sunsuper is connecting with our online customer community which allows us to proactively engage with our members to understand their needs, design and deliver better quality member outcomes.
Q: Default versus choosing your own investment options: What is more popular and does it change according to demographic/account balance?
A: As a not-for-profit fund, our core focus is to help our members make their retirement dreams a reality and we understand that our customers’ needs change throughout their lives.
Majority of our members are invested in our Lifestyle Strategy, our default investment option, compared to our members who invest in choice options.
We do see a shift from the default option to choice solutions as member balances increase and as they move towards retirement. For example, members with balances over $200,000 invest a greater portion of their super monies in choice options, as do members over the age of 65.
— Sunsuper (@Sunsuper) September 21, 2016
Q: You have recently launched the Adviser Online portal. Can you share some feedback you have received from advisers?
A: Sunsuper’s Adviser Online portal is another way we’re making it easier for Australians to access high quality, low cost super and pension products.
The positive feedback we’ve received so far from financial advisers about Sunsuper’s new Adviser Online has been very exciting and shows that Sunsuper truly believes in partnering with advisers and making their jobs easier. The feedback we have received has been especially positive about the secure and seamless access capability to client information through the Adviser Online portal.
Q: Sunsuper is one of the larger funds; what economies of scale does this provide?
A: Sunsuper is one of Australia’s fastest growing superannuation funds. This growth and our commitment to providing value for our members mean that we can keep costs low. It also enables us to invest in new and improved products and services for our members over the long term.
Superannuation and retirement providers have a responsibility to ensure that they are delivering on the best interests of their members. Here at Sunsuper, we are constantly evaluating how we can continue to deliver better services and great experiences for our members in order to help them fulfil their retirement dreams.
Q: The government has released the first tranche of Exposure Draft legislation for superannuation reforms – were there any surprises? What is Sunsuper’s response to the various reforms?
A: Sunsuper supports the four Federal Budget superannuation proposals included in the first tranche of the draft legislation. We also welcome the Government’s approach to issue draft legislation in tranches which we feel provides early certainty around certain proposed changes.
CANSTAR congratulates Sunsuper on its Outstanding Value achievement. Read the full 2016 CANSTAR Superannuation Report here.