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Choosing the best super fund for your employees

Superannuation  |  9/12/2016  |   3 min read

Choosing the best super fund for your employees is a big responsibility. Your choice will likely have a substantial bearing on their long-term financial security and retirement income.

Commonly used measures for selecting an employer fund are fees and investment returns, with insurance perhaps thrown in as a third. These are all important contributors to the financial future of your employees, their families, and the lifestyle choices they will enjoy in retirement.

But if your company aspires to be an 'employer of choice', you should also consider your fund's capacity and commitment to empowering your employees to make the most of their super.

As the following graphic illustrates, choosing a default fund for employees is only the beginning. When it comes to promoting financial peace of mind, and the enhanced employee productivity that goes with it, educational workshops and services can make a real difference.*


The chart above compares employee behaviour in relation to superannuation from two companies. Both are Equip employer-sponsors, but one has actively worked with the fund to create opportunities for workplace seminars and other interactions with employees.

The important thing to compare is the impact you can create for your employees by engaging with your fund to deliver financial education and advice to them.

The dotted blue horizontal line shows the proportion of Equip members who have taken all of these actions across the entire fund. The green bars show the proportion of members working for the more engaged employer, while the red bars show the proportion of active employees in the workplace where face-to-face interaction with the fund is more limited.

It is clear that in the green employer's case, there are more employees who are:
•    getting financial advice from the fund's advisors and member services team
•    making investment choices appropriate to their own goals and lifestage
•    rolling their money into Equip to avoid paying fees in multiple funds and making it easier to monitor their super
•    optimising their retirement savings by making extra contributions through salary sacrifice or out of their after-tax savings.

Fees and investment returns are undeniably important in selecting the right employer fund for your workplace. In fact, any fund worthy of shortlisting should be ticking these boxes.

But it's also important for you to work with a fund committed to acting as financial coach for your employees. Empowering them to make the right decisions about their super and build their long-term wealth has a flown on affect that benefits the entire organisation.

Talk to Equip about appointing us as your employer fund. Contact John Farrington:


* Equip's workplace mental health education partner, SuperFriend, has some great information on the link between mental well-being and productivity. Personal finances is one of the biggest contributors to mental and physical health issues.


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