CareSuper supports stronger protections for retirement savings and calls for progress on secure data sharing

CareSuper

Having advocated for significantly increased member protections to be embedded in Australia’s world-leading superannuation system, CareSuper, an award-winning industry super fund supporting more than 600,000 Australians, has today welcomed measures that are intended to strengthen protections for retirement savings, improve transparency and oversight and support greater confidence in the retirement system.

Recognising superannuation is one of the most significant financial assets many Australians will own, CareSuper particularly welcomes measures to make the financial system safer, improve access to secure financial guidance and advice, and reforms to the Compensation Scheme of Last Resort (CSLR). These reforms will help people better understand the risks, costs and responsibilities associated with major retirement savings decisions and ensure they can access trusted information and support throughout the process.

This is particularly important given SMC research shows that more than 60% of members who move away from the protections of profit-to-member funds have lower account balances and may be more at risk of poorer retirement outcomes. While today's reforms are an important step forward, there is also an opportunity to further improve member outcomes through secure and appropriately governed data sharing between government agencies and super funds.

CareSuper's recent member research found that almost 30% of surveyed members have already used AI to seek answers to financial questions, highlighting the growing role technology is playing in how people access information and make financial decisions. Our research also highlights that while many are turning to technology as part of their busy lives, access to trusted advice is still needed. More than 80% of members told us they value support when making decisions about their retirement savings, reinforcing the importance of trusted human guidance alongside digital tools.

Secure data sharing, supported by strong privacy protections and member consent, would help super funds better understand members' circumstances and provide more personalised guidance, reassurance and support based on a more complete picture of their financial needs. In the last year, our service metrics showed high levels of satisfaction from members when they interacted with the fund and were provided with clear and practical support.

CareSuper resolved 90% of member enquiries on first contact, achieved a 90% ease of doing business score and recorded an 89% member satisfaction score. Advice satisfaction also exceeded 95%, reflecting members' confidence in the guidance they receive and the important role super funds can play in helping Australians navigate retirement. Access to additional relevant information could help super funds provide even more personalised support and better outcomes for members.

CareSuper Chair Linda Scott said the reforms announced today will help strengthen confidence in Australia's retirement system while supporting better outcomes for members. "Australians work hard for their superannuation and deserve confidence that their retirement savings are protected, and that they can access trusted information and support when making important decisions about their future," Ms Scott said.

“We welcome today’s measures and are pleased to see progress on reforms that CareSuper has advocated for on behalf of members.”

"Our research shows members are increasingly turning to digital tools and AI to help navigate financial decisions, but they also wanted reassurance from a trusted source. It is more important than ever that superannuation funds have the trusted information needed to provide this personalised support and reassurance to members. Secure data sharing has the potential to help bridge the gap between technology-driven information and human guidance."

CareSuper is an award-winning, profit-to-member industry super fund. Our vision is to be Australia’s most trusted partner in retirement confidence through exceptional care and connection. CareSuper provides super, retirement, and advice options when needed to help members feel confident on their journey to, and through, retirement

David Imber, 0413 274 204, [email protected]