Up-to date technology is needed in order to protect superannuation funds from MySuper legislative changes, a Plum executive said.
Plum general manager for Client and Member Services David Woodall said the pending regulatory changes around the government's proposed new low cost and simple superannuation product are going to impact funds that do not have the right technology infrastructure in place.
"The changes will require strong technology infrastructure to reduce the complexity of superannuation processes for members," Woodall said.
"Many employers will be looking for solutions that do this well to help employees make the most of their superannuation savings."
Woodall explained that Plum, a corporate superannuation provider of NAB wealth, has also seen an increase in demand from members for face-to-face services and fee limited personal advice where a member can speak to an adviser over the phone about their superannuation.
"Our workplace seminar program is very busy and we conduct seminars on a daily basis. We have also seen an increase in the growth of our one-on-one phone based advice service," he said.
In order to meet demand, Plum has launched an online service and education centre for its to help and encourage its members to engage more regularly with their superannuation.
