Aware Super welcomes plan to set new service standards in superannuation

Aware Super welcomes the Federal Government’s plan to set new member service standards for the superannuation industry.

The Government has announced it will develop service standards for all APRA-regulated superannuation funds in the areas of death benefit claims, insurance claims and member communications.

Aware Super CEO Deanne Stewart said service standards would be good news for super members, noting the $192 billion fund had consistently supported a set of common standards which would encourage a general uplift in service across the industry and allow consumers to easily compare customer service performance across funds.

“Aware Super welcomes the development of strong, consistent and industry-wide service standards, something for which we which we have advocated for the benefit of all super fund members,” Ms Stewart said.

“It is pleasing to see the government acknowledge the need for a clear and comparable set of standards, and we look forward to working with the government, industry and consumer groups to ensure the standards are robust and meaningful for members.” Ms Stewart said choice was important in superannuation and it should be easier for consumers to compare funds and see clearly how well they served their members.

Ms Stewart said Aware Super had done a great deal of work to improve its own member experience, having recently completed a major transformation which included insourcing its administration and a significant uplift in digital capability to enhance services for its 1.15 million members.

“We believe we are the largest super fund to have completed such a transformation and our members are now seeing the benefits, with the majority of transactions now able to be completed quickly and easily online,” Ms Stewart said.

“There is always scope for improvement and we remain focused on continuing to enhance our response times and quality of interactions with members, which requires constant effort and innovation.”

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