• Super in the news

    The Royal Commission hearings covering superannuation took place between Monday 6 August until Friday 17 August 2018. Because transparency is extremely important to us, we've provided some answers to questions you may be asking as a result of the media coverage.

    If you have a question and it’s not answered below, please send us a message through our online enquiry form or call our Member Services team on 1300 366 216.

    Super in the news

    The Royal Commission hearings covering superannuation took place between Monday 6 August until Friday 17 August 2018. Because transparency is extremely important to us, we've provided some answers to questions you may be asking as a result of the media coverage.

    If you have a question and it’s not answered below, please send us a message through our online enquiry form or call our Member Services team on 1300 366 216.

FAQs

About VicSuper

As a profit to member fund, our focus is to help and guide our members and provide them with great experiences and solutions to improve their quality of life in retirement. We believe everyone deserves to look forward to their future, and we work hard to help our members have choice about how they want to live their lives. So, from the products and services we offer through to the way we conduct our business and operate within the community we always strive to operate in our members’ best interests.

Some other useful facts:

  • $21B funds under management
  • 230,000 members
We’ve been assessed by ratings agencies including:

  • 5 Star Canstar rating for Outstanding Value when considering investment performance after fees, insurance premiums and services offered to members for our FutureSaver account
  • We’ve been awarded the top rating (Platinum) by SuperRatings and the highest possible rating (5 Apples) by Chant West.
  • We’ve won awards this year with Conexus Financial for Best Member Services and Best Advice offer — and just recently we won Best Fund Member Services Australia wide at the Chant West Awards.
More about VicSuper

Was VicSuper one of the funds appearing at the Royal Commission?

No, VicSuper was not one of the 14 funds appearing at the Royal Commission.

What does VicSuper think about the Royal Commission?

VicSuper welcomes strong governance and transparency in the industry. We believe our members and all Australians have a right to trust their financial institutions and support measures to cement that trust. As a profit to member organisation our members are our core focus, and we support positive intervention that can help increase the transparency, trust and governance of business processes that affect them. VicSuper advocates for robust discussions that give Australians the right to trust the financial institutions who manage their savings.

VicSuper has a team of financial planners, are your planners paid through commissions?

No, VicSuper’s financial advisers are salaried employees. We do not pay commissions to our advisers for recommending VicSuper products, so our advisers can act in the best interest of our members.

Does VicSuper make regular payments to Unions?

No, VicSuper does not make regular payments to Unions.

The majority of our Directors are paid their fees directly. We have one board member who works full time for their union and does not retain his Director’s fee. This fee is paid to their employer – the union – to compensate for the time he is away from his full time role.

How do you know that the VicSuper Board has the best mix of expertise possible?

We believe it’s critical to have the right mix of skills around the Board table, regardless of how the Directors are appointed. Our Directors undertake professional development activities every year in order to improve their skill set.

VicSuper has a large team of financial planners, how do you know that they are all giving the right advice?

Our advisers are tasked with the responsibility of giving advice that is in the best interests of the individual member. We also do regular spot checks to audit the quality of the advice given.

What is VicSuper doing to help achieve better retirement outcomes for Indigenous Australians?

We believe it’s the responsibility of all Australians and Australian business to work towards achieving better outcomes for and with Aboriginal and Torres Strait Islander peoples. That’s why we’ve committed to develop a Reconciliation Action Plan.

By committing to a Reconciliation Action Plan, we hope to develop respectful relationships and create meaningful opportunities that will provide better super and retirement outcomes for our Aboriginal and Torres Strait Islander members. We also participate in a range of industry initiatives to help improve the financial wellbeing of the Aboriginal and Torres Strait Islander communities.

Does VicSuper spend a large amount of members’ money on sponsorships?

VicSuper’s strategy drives how our expenditure is invested in the best interest of our members and in supporting the community in which they live and work. It’s important to promote our services to continue to grow the fund and deliver scale benefits. We take the decision of how we allocate our promotional spend to grow the fund very seriously and make considered decisions before committing to anything we do.

VicSuper does not have sponsorships with any professional sporting organisation and our sponsorship and advertising spend is below that of other large super funds.

VicSuper sponsors select associations, events and organisations that align to the interests of our members and support the industries our members work in.

Does VicSuper send their employees and Board members on professional development trips overseas?

VicSuper provides professional development opportunities for relevant employees and Directors. It is important that our employees and Directors are able to continually learn and develop in their roles to provide the best outcome for our members.

These opportunities may occasionally include overseas travel however we manage our attendance prudently. We have a stringent expense and claims process with strict oversight to ensure our policies and procedures are adhered to.

Why did VicSuper change insurer from AMP to MetLife?

In 2016, VicSuper commenced a comprehensive review of our insurance provider. The review confirmed the need to consider other group insurance providers in the market and how they could best serve the needs of our members. After a thorough tender process and in the best interest of members, MetLife were selected to provide our members with a flexible and competitively priced insurance arrangement. This has resulted in lower premiums and more features for members.

Are you looking to merge with another super fund?

Inorganic growth remains a key strategy to help deliver scale benefits for our members. It is important for us to always be open to looking at merger or acquisition opportunities that can deliver great outcomes for our members.