It was anticipated super call centres would be inundated as the financial crisis worsens, however some super funds have not found this to be the case.
Despite the financial crisis, some superannuation funds have not seen an increase in member engagement as anticipated.
Speaking at an Australian Industry Superannuation Trustees (AIST) lunch, AustralianSuper chief executive Ian Silk said in light of the financial crisis, he was surprised the amount of calls received by the AustralianSuper call centre had not increased.
"We put more people on in the call centre and expected there would be a 60 percent increase in calls, but it is exactly the same as last year," he said.
Silk said this was despite relationship managers reporting a certain level of disquiet and some anger within workplaces.
CARE Super and AGEST Trustee director Catherine Wood also said calls had not increased to call centres for those funds.
SuperRatings managing director Jeff Bresnahan said the majority of fund members were still apathetic about where there money was invested, reflected by the lack of member engagement.
"People still expect positive returns, even with the financial crisis," Bresnahan said.
"There has been an increase in the level of communication by funds, but there has been no climb in the rate of engagement by members."
Bresnahan said as the rate of membership slows down, funds are going to come under greater pressure to engage with their members.
Member engagement and trying to find the right tools were going to be the next big challenge for super funds, according to Wood.
"From a cost perspective web-based communication is best. But this may not work for all," she said.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
A former colleague of mine once offered the opinion that industry superannuation funds are reconstructed socialists - despite their union influence, these funds have grown and benefited from a global capitalist world.... read more »
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