Intrust Super introduces innovative new tool to make retirement saving easier Jun 10, 2019
Intrust Super has launched an innovative online tool to help members boost their retirement savings while making their everyday purchases.
The new tool, SuperCents, allows members to save extra money or spare change for retirement by seamlessly connecting their super and bank accounts. They can set automated micro-contributions based on their spending, make top-up contributions, and monitor the difference it makes over time.
Customers don’t need to open any form of new account or product as the underlying technology, provided by fintech company Moneysoft and Link Group, is fully integrated across a wide range of major administrative and banking platforms.
Intrust Super Chief Executive Officer Brendan O’Farrell said SuperCents removes a major friction point for members, who previously had to fill in a voluntary contribution form that included their member details, tax file number, and BPAY reference number, before mailing it to the fund.
“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,” Mr O’Farrell 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. Their savings can grow in the background without them having to think about it. It could even help them save for a house deposit using the First Home Super Saver scheme.”
The First Home Super Saver scheme, which was launched last year, allows prospective new home buyers to contribute up to $15,000 each to their concessionary-taxed super account, which they can then withdraw to buy a home.
Low and middle-income earners making personal (after-tax) contributions to their super fund may also be eligible for a government co-contribution of up to $500 co-contribution. However, a new survey of more than 1,700 Australians found the scheme was only being used by 5% of people who were eligible.
Intrust Super’s research also showed that approximately one-third (32%) of Australians were interested in making extra contributions but were not currently doing so, while more than two-thirds (70%) felt they would not have enough super to live comfortably in retirement.
Mr O’Farrell said the results show that many people are facing challenges when it comes to super contributions however, SuperCents would provide a simple way for them to start making small, extra deposits that have a big long-term impact.
“Any small change our members save now could add up to thousands of extra dollars in retirement savings for their future. Every cent counts!”