The introduction of mandatory and enforceable service standards for superannuation funds will help improve the quality of service people are getting from the moment they open a super account right through to their retirement phase, COTA Australia says.
The Federal Government today announced that it aims to raise the bar for member service in superannuation by introducing mandatory and enforceable service standards for all large APRA-regulated superannuation funds.
COTA Australia - the leading advocacy organisation for older people - Chief Executive Officer, Patricia Sparrow, said the Federal Government's announcement is an important, and long overdue, step towards improving member outcomes.
"There's no question that the standard of service older Australians, and indeed Australians of all ages, are receiving can be significantly improved," Ms Sparrow said.
"People deserve high quality customer service from the moment they first engage with superannuation right through to their retirement phase, but we hear reports all too regularly about that simply not happening.
"As our population ages, we need to be looking at measures that ensure that people can live the dignified life in retirement that they deserve to. Super funds need to ensure they are communicating clearly and in a timely way with their members all the time, to assist in planning and preparing for retirement.
Ms Sparrow said improving outcomes during vulnerable and difficult moments in people's lives is especially important.
"Compassionate, clear, high-quality service is really the least we should expect from our superannuation funds every day but especially during our most vulnerable moments such as when we're waiting for the timely payment of death benefits," Ms Sparrow said.
"While some funds have made improvements it's no secret that the customer experience has been left wanting for a long time. It's good to see action finally being taken to address the problem and improve the service people receive."
"COTA Australia looks forward to contributing to the consultation and ensuring the voices of older Australians are heard throughout the process."
