Companies are providing cost-effective advice to members of their corporate superannuation funds by hiring consultants.
Mastertek Benefit Consultants (MBC), a consultant in managing employee benefits, now provides advice and services to 16 corporate funds that manage between $10 and $70 million in funds.
Advice on superannuation is provided through on-site educational programs organised by MBC.
About 900 employees of pharmaceutical company AstraZeneca ploughed more than $2 million of additional contributions into the company's superannuation account following a recent forum organised by MBC.
People needed tailored advice and education in order to effectively engage with their superannuation, MBC director Graham Childs said.
"Annual statements of past fund performance, complex product disclosure and boring member communications provided by fund managers, do not help people make informed decisions about growing their super to the level required for a comfortable retirement," Childs said.
"Once we have addressed the 'me' issues for each member, we find that people view super and their employer sponsoring the program in a very different light," he said.
Employees also receive an employee benefits report which provides details on the current performance of their fund's investments including forecasts.
For employees who want comprehensive advice, MBC offers advice through the Genesys adviser network on a fee-for-service basis.
