07 December 2023

UniSuper responds to Treasury’s Quality of Advice Review

UniSuper has welcomed the federal government’s recommendations in response to the Quality of Advice Review announced today.

Andrew Gregory, Head of Financial Advice & Education, UniSuper, said the proposals mean more Australians can now turn to their superfund to get much needed advice to prepare for a great retirement.

Andrew Gregory, Head of Financial Advice & Education said:

“For too long there has been a ‘missing middle’ in advice where Australians who don’t have large super balances have been underserved by advice offerings.”
“For many of these people who are stuck in the middle, simple questions turn into complex answers. It may not make sense for them to pay for comprehensive advice, but their needs are not served by general advice, and we want all our members to benefit from the right advice as they transition to retirement.
“We’re doubling down on our advice offering because we know advice works. Eighty-five per cent of our members tell us they feel more confident in their retirement planning since receiving advice from us and, more importantly, 99 per cent say they intend to implement it.”
“Superannuation funds are perfectly placed to provide this advice and the data is compelling: more advice means better retirements.”

Two-thirds of UniSuper members commencing a retirement income stream have engaged and benefited from its advice service, and four out of five UniSuper retirees have been supported by financial advice in their retirement.

Following the response to the Quality Advice Review, Mr Gregory underscored the need for tailored retirement solutions driven by sound advice.

Andrew Gregory, Head of Financial Advice & Education said:

“The recommendations show the answer to disengaged members is aspiring to better advice options, not resorting to defaults. When it comes to creating great retirement outcomes, ‘set and forget’ can mean the missing middle is forgotten again.”
“Superannuation funds shouldn’t be let off the hook in their responsibility to members by allowing a default product system. Informed consent, agency and choice – driven by investment in the right digital technology - must be the preferred option for all superannuation funds. We are more than ready and welcome the opportunity to provide more advice, and better advice.”

 

For media inquiries, please contact:

Madeleine Hanley – Porter Novelli
Media and Content Practice Lead
UniSuper
M: +61 423 366 918
E: mhanley@porternovelli.com.au

James Cameron
Manager, Brand & Media
UniSuper
M: +61497 913 333
E: james.cameron@unisuper.com.au

Note to editors

About UniSuper:
UniSuper is one of Australia’s largest superannuation funds and is run solely for the benefit of its members. For forty years, UniSuper has been managing super for people employed in the higher education and research sector, and as of 2021 opened the fund to all Australians. UniSuper currently invests over $120 billion on behalf of over 615,000 members*.

Please note past performance is not an indicator of future performance. The information provided above is of a general nature only and does not take into account your individual objectives, financial situation or needs.

Please consider the Product Disclosure Statements and Target Market Determinations relevant to your membership category on our website and your situation before making decisions, because we haven’t.

Consider the appropriateness of the information having regard to your personal circumstances and consider consulting a licensed financial adviser before making an investment decision based on the information provided above. Issued by UniSuper Limited ABN 54 006 027 121 the trustee of the fund UniSuper ABN 91 385 943 850.

*As at June 2023.

 

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