Strategy 1: Deliver value
Our purpose is to help people prepare for and meet their income needs in later life. Delivering value in achieving this purpose means providing the best possible service to our members and employers at the lowest possible cost.
Our aim
Our aim is to help members understand their super so they can maximise the amount of savings they have at, and during, their retirement.
How does this contribute to a sustainable superannuation fund?
Improving our members' economic wellbeing contributes to their ability to enjoy a better quality of life in retirement. They will be better able to access the services they need to support the retirement lifestyle they want, and more able to actively contribute to society and the economy.
Our performance
VicSuper believes that everyone should have access to high quality superannuation services for the lowest possible cost. During 2007/08 VicSuper provided specific information to members on the impact of fees on their retirement savings, and the importance of paying the lowest possible fee. This information was provided in our annual member newsletters, sent in March 2008, as well as on the VicSuper website.
One of our main challenges - and opportunities - is to encourage people to take an informed and active interest in their superannuation. To achieve this we have created a variety of education and advice avenues from which members and employers can benefit:
- our superannuation advisers conducted 62 member seminars and 1,012 workplace seminars around Victoria throughout the year with attendance very similar to 2006/07. Member seminars are generally held at VicSuper's Melbourne Advice Centre or a public venue in metropolitan and regional Victoria. Workplace seminars are held at the workplaces of VicSuper's employers who request them.
- we negotiated enhanced insurance offerings for VicSuper Scheme and VicSuper Beneficiary Account members and developed a number of new insurance calculators for VicSuper's website. As part of our communication to members on this, we asked members to also evaluate their situation and need for cover. This resulted in a slight decrease of cover (3.22%) for VicSuper Scheme members in the lead up to 30 June 2008 where members cancelled their cover as they no longer needed it or were adequately covered elsewhere.
- we implemented an electronic communication option for members and achieved our commitment of increasing the total number of members using MembersOnline by 45%.
Key commitments for 2008/09
- Review the VicSuper superannuation education program.
- Make 2008/09 Annual Benefit Statements available online.
- Increase the total number of members who consent to electronic communication to 15% of total membership.
Performance indicator | 2003/04 | 2004/05 | 2005/06 | 2006/07 | 2007/08 | Prior year % change |
Attendance at member and workplace seminars | 14,109 | 17,505 | 13,542 | 17,759 | 17,708 |
|
Number of personal advice interviews | 2,844 | 3,397 | 3,609 | 4,495 | 6,022 |
|
Visits to employers | 130 | 218 | 235 | 200 | 198 |
|
VicSuper Scheme members with insurance | 54.85% | 55.91% | 56.69% | 57.76% | 55.90% |
|
0.29%
33.97%
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