The new tool would aim to help members save extra money or spare change for retirement by connecting their super and bank accounts without needing to open any form of new account or product. Instead, the technology provided by Moneysoft and Link Group would be fully integrated across a wide range of major administrative and banking reforms.
According to Intrust Super’s chief executive, Brendan O’Farrell, the new tool would also remove a major friction point for members who previously had to fill in a voluntary contribution form.
“Intrust Super’s membership are hardworking individuals who have enough on their plates managing odd hours and the costs of everyday living without having to think about retirement savings,” he said.
“Many of our members could be eligible to receive additional forms of contributions from the government. But because they don’t have the time to prioritise super savings, they could be missing out.
“With SuperCents, they can round-up the cost of their everyday transactions and start making small contributions over time.”
Intrust Super’s research also showed that approximately one third (32 per cent) of Australians were interested in making extra contributions but were currently doing so, while more than two-thirds (70 per cent) felt they would not have super to live comfortably in retirement.
According to O’Farrell, the results proved that many people were facing challenges when it came to super contributions and SuperCents would provide a simple way for them to start making small, extra deposits that have a big long-term impact.
