Member notification
Policy Intent
In 2011-12, we commissioned independent comprehensive research about super reform. A range of attitudinal and behavioural measures were used to find 72% of people are disengaged with their super.
The intent of this measure is to increase member engagement with their super.
Employees will be able to see if they have been paid the correct amount of super from their employer, and if not, will be able to contact us sooner.
What is decided?
Which funds need to comply?
The member notification measure applies to APRA-regulated super funds and RSA providers.
What is needed to let members know about their super accounts electronically?
The draft legislation states that quarterly notification to a member must be by email. If this is not possible, you must send an SMS.
If you choose to let your members know about their contributions quarterly, you must provide them with access to a web portal so they can see more details about their transactions.
How and when you need to provide information to your members?
The draft legislation states that you need to either:
- notify your members electronically each quarter that they have either 'received' or 'not received' contributions during the quarter, or
- issue six-monthly statements to members which show the contributions made during that period.
In both the above cases, you must report within 42 days after the end either of a quarter or a six-month period.
How can you let your members know?
You can notify your members by:
- paper
- email
- web service
- SMS.
What isn't decided?
When will the member notification measure start?
In July 2012, draft legislation was released for comment on this measure.
Feedback is being considered about how and when you should notify your members. It is intended you will need to apply this measure to contributions received from 1 July 2013, with the first member notifications due after the end of the first quarter or six-month period.
The legislation should be released in 2013 and will confirm what you need to do and when.
Last Modified: Friday, 5 April 2013