The introduction of My Super and the Modern Award system has been a win for investors, with superannuation funds competing fiercely to entice members. Our audit and tender service enables employers to take advantage of the competitive landscape, to ensure the default superannuation fund of its organisation is attractive to employees and provides the best for them in terms of retirement and insurance.
Employees who are eligible for super, may also be able to choose the fund their employer pays superannuation into. If they aren’t eligible to choose or don’t make a choice, as an employer, you must pay their contributions into your employer-nominated or default fund.
Selection of a default fund is a vital decision. The fund must be a MySuper product, and the choice of fund may be determined by the Modern Award for your industry.
Where a choice of funds is available, there is generally a significant range of investment strategies, fees and risk profiles between the different available funds. Insurance offerings and claim resolution outcomes are also a significant contributor to the relative attractiveness of a fund.
There are also a highly diverse range of member and employer features, which can affect how easy it is for staff to access their superannuation information, and for employers to pay their contributions. Even a streamlined comparison report can illustrate the hundreds of variables involved in selecting a fund.
At Perera Crowther Financial Services, we can review and audit your current superannuation fund, and verify compliance with applicable laws and regulations.
We provide advice on other eligible funds, taking into account the profile of your workforce and their investment needs. We offer detailed reports comparing the potential funds. We can also organise a tender, where superannuation funds compete to be your default fund.
Our negotiations with providers will often result in the creation of a bespoke superannuation fund to meet the specific needs of an employer’s workforce.
Key outcomes of our review and tender process are:
- Ensure compliance with Awards/EBA’s in relation to Default Superannuation Funds
- Nomination of a Default Superannuation Fund with consideration to:
- Competitive fee levels
- Competitive insurance premiums
- Flexible insurance design, encompassing broad terms and conditions
- Strong historical performance
- Wide ranging investment menu
- Member rewards
- Financial advice tools and services
- Technological interfaces
We help simplify a complex decision, combining our wide experience of various superannuation funds, with an ability to distill the critical differences between the funds.
We also can assist with communications and advice to your staff, in regards to any changes.
Combined with our corporate insurance offerings, our superannuation audit and tender services can assist in giving your staff peace-of-mind about their financial position, enhance their sense of trust in their employer, and provide a positive impression of how their employer values their staff.
We offer our audit and tender services using a transparent fee-based schedule, which takes into account the size of your workforce, the specific services requested, and the term of ongoing support.
Our conduct is governed by a fiduciary duty in the Corporations Act to ensure that our recommendations are in the best interests of our clients.
If you would like to learn more about our Corporate Superannuation services, please contact us.
