Home' Hotel Management : HM APL 2016 Contents BRENDAN O'FARRELL,
CEO, INTRUST SUPER
Brendan, what are some of the top
trends in Super at present?
The top trend ever since the inception of super has
always been change. Currently there is significant
speculation by economists and media experts
that, in order to balance the Budget, there will
again be changes made to the rules that govern
We won't know what these changes will be until Budget night in May.
However, it's critical for super funds to help employers and members
understand the impacts these changes may have.
Another trend is the transformation of membership demographics.
Australia's aging population will continue to drive a change of focus for
the industry. For example, baby boomers are starting to reach the age in
which they can access their super. This will transition a proportion of
fund members who are in the accumulation phase to drawing an income
stream from their super account.
In contrast, younger members have expectations of their super funds to
provide agile communication platforms that keep pace with the rest of the
business world. Technology will need to move higher up on the agendas of
super funds in order to support the sustainable growth in the industry.
Why should employers place a bigger emphasis
on Super to benefit employees?
All employers know the challenges of recruiting and retaining top talent.
Striving to be an employer of choice is vital to the success of any hotel.
We all know that keeping an employee in the business is not always about
how much is in their pay packet.
Choosing the right super fund, with strong tailored membership
benefits, can be one of the components employers can use for attracting
and keeping talent. One example of these benefits can be excellent
insurance options. In an industry that employs many part-time and casual
workers, it is imperative an employer's default fund provides generous
default insurance for all staff.
Intrust Super has won Money magazine's 'Best Value Insurance in
Superannuation' award for the last four consecutive years. In a time of
rising insurance premiums in the industry, we are very proud that we
work hard to protect our members, as well as their super account balances
with competitive premiums.
What are some of the ways Intrust Super is
encouraging employers and employees to get
more engaged when it comes to Super?
Superannuation is a highly regulated field and can be quite complex
for many of us. If a mistake is made, it may result in fines for
employers, unhappy staff and extra tax for members. To further
complicate things, as previously mentioned, every year the rules
surrounding super seem to change.
The first step for us is to help them understand these complexities
by providing the education and the tools they need. From here we keep
an open dialogue with employers and members in order to create strong
relationships. I believe this is where Intrust Super's service differentiates
from all other funds. By making these relationships as personal as they
can be and as relevant as they can be, it will help members engage more
with super and therefore better their financial situations.
As at 31 December 2015, there were just over six million lost and
ATO-held accounts with a total value of just over AUD$16 billion
out there. That's money that could belong to people, including our
members. Members who are engaged will not only find their lost super
and consolidate, but will recognise how much they need to save for an
adequate retirement. Our members get a personal "account manager" who
looks for lost super on their behalf and helps them consolidate.
What are some of the top products employers
and employees should be aware of?
From 30 June this year, all businesses must start paying and reporting
contributions electronically, and in a specified format. Most super funds
have a "clearing house" service that ensures compliance with the new
standards and streamlines their super administration.
A clearing house enables employers to make only one super payment
to all their employees and their different super accounts. However, not all
clearing houses are the same with respect to legislation compliance and
One of the first key differences between clearing houses is whether
payments and reports can be executed out of a single log-in and data
upload. If employers are required to log-in or upload once for staff that
use the default fund, and a separate time for staff who choose a non-
default fund, that system is essentially doubling their workload.
Our clearing house, SCH Online, allows employers to manage
all staff and all sites out of the one log-in and best of all it's now
free of charge.
For employees, it's all about having access to great value insurance,
solid returns and superior service. We've worked hard to blend technology
and innovation with good old fashioned service.
Employees have full access to our Client Services Managers who
are dedicated to not only supporting the businesses but also the staff.
The CSMs will visit staff on site at frequencies that suit them such as
lunch times. Additionally, we have integrated electronic forms, online
technology and phone technology to provide a much better customer
Our members can consolidate their super, find lost super or take their
super from one employer to another with the absolute minimum effort.
In most cases, all it takes is for the member to give us the go-ahead, and
then we can do the rest.
This is particularly important for hospitality workers. The hours can
be extraordinary, a lot of the workers are students and many also have
families. So we've designed our services in such a way that they can be
exploited online or over the phone in less time than it takes to have a
How important is it for Australian hotel industry workers
to get engaged with and think more about Super?
The earlier someone is engaged with their super, the far better off they
will be when it's time to hang up the boots. Seek out a fund with great
value premiums and good returns now, because it can mean a great
deal to your balance. Then add in the power of compound interest and
it can make the difference between a comfortable retirement and a
modest one. n
48 HM The Business of Accommodation
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