As the super fund for the motor trades and allied industries, we’ve been providing super expertise and advice to our members for almost 30 years. Trust is at the heart of everything we do.
Trust in the financial services industry has taken a beating of late. Revelations from the ongoing Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has left a bad taste in the mouth of many customers — and justifiably so.
So, what are we doing to maintain trust with our members?
We’re continuing to do what we have always done — putting your interests ahead of anything else. We do this by delivering real value to members through strong returns, low fees, and quality products and services.
MTAA Super is an Industry Super Fund. Industry Super Funds were established in the 1980s to protect Australian workers’ super from the high fee and commission products that were then common in the retail superannuation market.
Everything we do is solely to benefit our members. Over the last few years, we have embraced new technology to help you check and manage your super, simplified online consolidation, and improved our claims processes.
We’ve also improved our financial advice services by introducing 18 new education and advice roles to our field force and changing the way we deliver member advice throughout Australia. You now have access to a full financial advice service that can be tailored to suit your needs as your financial circumstances evolve over time.
Although confronting, the revelations from the Royal Commission are an opportunity to identify and eliminate unwanted elements in the financial sector.
People need to know that their financial institutions are acting in their best interests.
We support any moves to remove rogue operators that undermine this trust and place profit before people.
When we launched our re-brand in 2016, we thought long and hard about the values we wanted to adopt to become “the most inspiring super fund in Australia”. Integrity was always going to be a key element steering the way forward.
We identified that we needed to be leaders in professional standards of governance and investment practice.
That’s why we’ve worked hard to make sure we have robust, responsible, and effective governance policies and procedures to help us protect and grow your super.
We have a “3x3x3” board model, with equal representation from employers, employees, and independents. All Board members are appointed on the basis of the value they can bring to enhance fund performance, through their skills and experience.
We’ve also listened to our members and have improved the way we talk to you about your super. This means creating more clear, concise, and jargon-free communications, so you can better understand how your super works and how to get the most out of it.
"At MTAA Super we believe our job is more than just growing and protecting your super — it’s about empowering you to have greater control over your financial future."
It’s not all doom and gloom. The recent Productivity Commission draft report into the efficiency and competition in Australia’s superannuation system found that most members and assets in super are in products that have performed reasonably well.
This means that overall super has been delivering positive outcomes for most Australians.
What is also clear is that the profit to member super funds (including Industry Super Funds) have systematically outperformed for-profit super funds and feature overwhelmingly in the top-rating MySuper products.
Of course, there is room to improve. A lack of awareness and engagement with super is still a problem for most Australians. Many workers still have multiple super accounts and insurance policies they may not need.
These are issues we are addressing as we continue to improve our products and services, embrace technology, and champion best-practice governance and administration models.
While super can be complicated, we always aim to keep things as simple and straightforward as possible.
If we see an issue, we’ll address it. If we make a mistake, we’ll own it and work to fix it. If we find a better way to do things, we’ll embrace it.
At MTAA Super you can trust that we are always trying to improve — so we can better serve you.