Employers flock to personalised superannuation solutions
Clayton Utz, Byrnecut Group Superannuation Plan – through Alliance partner Resource Super – and a leading reinsurer have awarded mandates to the Russell Investments Master Trust in recent months, as employers seek more personalised superannuation solutions for their staff.
The new mandates add around $285 million in assets to the Russell Investments Master Trust and provide an additional 2500 Australians with access to Russell Investments’ personalised superannuation program, GoalTrackerTM.
Introduced in 2020, GoalTrackerTM is a unique approach to the Australian retirement saving system that helps build the superannuation and investment experience around individuals’ retirement funding goals and personal circumstances.
This mass personalised approach to super is a first-of-its-kind in the Australian market. It provides fund members with individually appropriate investment strategies and can help determine suitable contribution levels for each member based on how they are tracking towards their retirement income goal – their personal funded status.
Russell Investments Managing Director of Australia and New Zealand Jodie Hampshire said the new mandates indicated that leading employers are increasingly seeking solutions which increase member engagement and personalise the typically commoditised superannuation experience.
“Leading employers are increasingly endorsing personalised superannuation and these mandates underline the importance of transitioning towards a superannuation system that puts real member goals and personal funded status at the centre of the super experience,” Ms Hampshire said.
“Retirement adequacy is personal, and over the past 12 months the retirement savings of Australians have been subject to a volatile investment and social landscape. As that landscape continues to prove difficult to manage for on a collective basis, personalised super solutions are becoming increasingly appropriate.”
GoalTrackerTM technology factors in up to 10 individual data points, including a person’s age, super balance, salary, plus capital market forecasts. This data helps determine how each member is tracking towards their personal funded status. It can then customise the optimal asset allocation and glide path for each member, to ensure they have the best chance of reaching their goal.
“GoalTrackerTM represents the next evolution of superannuation in Australia and we expect most super funds to adopt similar mass personalised solutions by 2030,” Ms Hampshire added.
About Russell Investments
Russell Investments is a leading global investment solutions firm with AUD$429.2 billion in assets under management (as of 3/31/2021) and AUD$3.6 trillion in assets under advisement (as of 12/2020), The firm provides a wide range of investment capabilities to institutional investors, financial intermediaries, and individual investors around the world. Building on an 85-year legacy of continuous innovation to deliver exceptional value to clients, Russell Investments works every day to improve people’s financial security. Headquartered in Seattle, Washington, Russell Investments has offices in 19 cities around the world, including in New York, London, Tokyo, and Shanghai. For more information, please visit www.russellinvestments.com.
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Total Risk Management Pty Ltd ABN 62 008 644 353, AFSL 238790 (TRM) is trustee of Russell Investments Master Trust ABN 89 384 753 567. Nationwide Super and Resource Super are Divisions of the Russell Investments Master Trust. The Product Disclosure Statement (‘PDS’) can be obtained online at russellinvestments.com.au or for Nationwide Super visit nationwidesuper.com.au or for Resource Super visit www.resourcesuper.com.au. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in any Russell Investments product. Russell Investment Financial Solutions Pty Ltd ABN 84 010 799 041, AFSL 229850 (RFS) is the provider of MyTracker and the financial product advice provided by GoalTracker Plus. Resource Super Pty Ltd ABN 15 153 305 223, AFSL 420220 advises, constructs and manages superannuation and employee-benefit solutions in relation to Resource Super. This document provides general information only and has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. Please call us for help on 1800 555 667 if you need personal advice. This information has been compiled from sources considered to be reliable but is not guaranteed. Past performance is not a reliable indicator of future performance.
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