Super heroes

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SuperannuationThe added extras that super funds provide access to now can be of real benefit to your employees

Superannuation is one of those things that people can pay a lot of attention to, or very little. Many people think of super only as savings for retirement and don’t take advantage of the member benefits they can tap into now.

Individual employees generally have the option to choose their own superannuation fund. However, many don’t and rely on their employer’s choice of default fund. Choosing the right fund can give your employees access to benefits that are of very real value to them.

When choosing a default super fund for your organisation, the investment performance and level of fees should be your main considerations. But there can be little difference between funds based on these criteria. What can differentiate funds today are the added benefits members can access now. And there are some very interesting benefits out there.

Many super funds have arrangements with a financial institution to give members access to discounted banking products, including credit cards, home loans, and personal loans with lower interest rates. Members may also be able to take advantage of savings and term deposit accounts with higher interest rates.

Many super funds also have arrangements to provide discounted insurance products, including health insurance and in some instances, discounted insurance for home and contents, cars and travel. Then there are the unique benefits, which range from free access to the Best Doctors program to discounted flowers. There are benefits for employers as well, including free seminars for employees provided in the workplace.

The Nurses Award 2012 and the Health Professionals and Support Services Award 2010 specify the funds that employers must make contributions to if an employee fails to choose a fund.

We’ve done a round up of the members benefits some of these funds offer so you can compare what your fund provides for employees compared to others.

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