UniSuper, the $50 billion superannuation fund for the higher education and research sector, has unveiled a new super comparator tool to help members better meet their retirement savings goals.
Compare me has been developed to provide UniSuper members with an indication of how their super savings are tracking against other members of the Fund with a similar profile.
Research conducted by Investment Trends in 20151 showed more than one third of UniSuper members wanted to know the average balance of their peers and considered this their most desired piece of information – after knowing how much money they will have at retirement.
The online tool compares a member’s current balance to the average super balance of similar UniSuper members based on age, gender and product.
The Compare me tool will then look at an individual member’s comparable super balance and their stage of life to provide a number of tailored suggestions – from suggesting use of a budget planner, to consolidating accounts – each aimed at helping the member reach their retirement goals.
Kevin O’Sullivan, UniSuper Chief Executive Officer, said retirement adequacy remains a key issue facing the superannuation sector, with many Australians uncertain whether they will have enough money to maintain their pre-retirement standard of living.
“In our view, superannuation’s primary purpose is to smooth consumption over a person’s life by replacing income from employment with income from retirement savings,” Mr O’Sullivan said.
“By allowing individual members to compare their situation to other members with a similar profile, we are able to give a clear indication of how they are progressing toward their retirement goals. We can then also provide tips and support to help them improve their current situation, sooner rather than later.”
Retirement adequacy may be affected by a range of factors including investment returns, fees, and contribution rates. Importantly, UniSuper supports members to better achieve their retirement goals through a traditionally high member contribution rate of 17% for most members.
“UniSuper continues to demonstrate its commitment to helping members navigate their finances to achieve a better retirement outcome – whether through education, investment performance, low fees or developing innovative tools such as Compare me,” Mr O’Sullivan said.
The tool is now live on the UniSuper website and is fully responsive across mobile devices and tablets.