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House of Assembly - Fifty-Fourth Parliament, Second Session (54-2)
2021-02-04 Daily Xml
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Member Services Improvements

In reply to the Hon. S.C. MULLIGHAN (Lee) (25 November 2020). (Estimates Committee B)

The Hon. R.I. LUCAS (Treasurer): I have been advised the following:

The new fee model supports significant compliance work involved in the introduction of Federal legislative and regulatory compliance changes.

Federal superannuation changes include the 'Protecting Your Super' package introduced in 2019-20 and the 'Your Super, Your Future' package introduced in 2020-21.

Increased compliance and reporting obligations have been introduced by the Australian Prudential Regulation Authority (APRA), including new industry benchmarking and the introduction of APRA 'SPS515 Strategic Planning and Member Outcomes' prudential standard reforms.

Modernisation of Super SA—Enablers for Improved Member Services

The new fee model also supports the general modernisation of the fund as it moves into a competitive environment, including:

Website re-platform

Contact centre upgrade to cloud-based technology

Online calculators

Introduction of forward unit pricing consistent with industry best practice

Default investment option review—product delivery consolidation

New roles created in areas such as business development, member experience, digital experience and data analysis.

Alignment to APRA Prudential Standard SPS220—Risk Management

In members' best interests, Super SA is also actively pursuing uplift in risk management, including:

Enhanced reporting on the board's strategic risks

Measuring and tracking the risk culture of the organisation

ICT and data risk management plans

Development of a cyber security framework

Automation of key financial controls

Upgrade of non-secure/outdated software (e.g. MYOB)

Strategy to reduce retained insurance capital risk, including service risk and reputational risk

Closure of asset and liability management asset risk.'

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