Seven leading financial services organisations have formed an alliance to support the Federal Government in the delivery of its SuperStream initiatives and to provide better service to their members. The Affiliation of Superannuation Practitioners1 (ASP) – which brings together AAS, AMP, BT Financial Group, Colonial First State, MLC, Pillar and Superpartners – is focused on finding efficiencies which can be passed onto members.
The first priority for the ASP is the design of an efficient and secure electronic Rollover process between superannuation providers, a task the group has committed to supporting by September 2011. As part of this project, the group is seeking to eliminate paper forms and cheques from the superannuation funds transfer process.
According to Nigel McCammon, spokesperson for the Affiliation of Superannuation Practitioners, an industry led solution is critical to delivering real benefits to members and supporting the government in delivering on its SuperStream objectives.
“The Cooper Review and the subsequent SuperStream objectives have driven an increased focus on operational issues within the superannuation industry,” said Mr McCammon.
“The Affiliation of Superannuation Practitioners believes the most appropriate way to deliver the required improvements to the government, industry and members is through industry collaboration. A different approach would likely result in a number of disparate third party solutions which will increase costs and negate the efficiency gains we are seeking to achieve.”
The ASP is committed to delivering a practical solution which will enable superannuation members to easily and efficiently transfer data and funds between organisations. This is a significant step towards addressing one component of the Government’s SuperStream blueprint. The successful completion of this project will deliver substantial outcomes to superannuation members – the industry will also gain through reductions in administration costs.
Upon the completion of the ASP’s initial project, the group will continue to work together to scope other projects with the potential to deliver value to members and the industry, and which support the Government’s SuperStream objectives.
“The superannuation industry continues to evolve,” said Hans van Daatselaar, joint spokesperson for the Affiliation of Superannuation Practitioners.
“This evolution brings both opportunities and challenges. Importantly however, the ASP understands the need for the industry to deliver solutions that can develop as the broader financial sector evolves.
“The ASP’s pilot project – which commenced earlier this month – has proven the group can work cooperatively to achieve mutually beneficial outcomes. This approach will allow the industry to avoid additional costs to members through the imposition of a single industry-wide solution.”
The ASP is a unique group made up of leading practitioners who are responsible for processing superannuation transactions for retail, corporate, government and industry funds. Commitment to this group has been established at the highest level within each member organisation, with CEOs from the group of seven all voicing their support for the initiative.
Enquiries: Sayaka Treeve, ph (03) 9200 4309.