As the Australian population ages, more and more people are thinking about how they are going to pay for their twilight years. Retirement villages are expensive and most people do not want to end up being a burden on their family members. Because of this, many Australians sign up with the Australian superannuation program.
The benefits of the Australian superannuation scheme
Free join up
The first thing which people who are interested in this program will notice is that it is free to join up. The system is designed so that both the employees and the employers can ask questions and information regarding their plan quickly.
Own case manager This is a excellent service as many people will be unaware of how these programs work and will need extra clarification. People who work at a company that employs more than ten persons will have their own case manager assigned to them. This means that employers can deal with someone who is familiar to them. Employees will have access to a number of account managers who will able to answer any questions they have. Compliant with Australian laws
Another benefit of this scheme is that it is fully compliant with Australian laws regarding superannuation. Moreover, as the company is insured, subscribers of this scheme do not have to worry about their funds not being paid out if the economy was to crash.
The minimum contribution that employers must make is 9% of the employee's salary. This is quite a high contribution compared to schemes set up by other countries. Employees can also opt to get a higher employer contribution in exchange for a salary cut.
The drawbacks of the Australian superannuation scheme
Low quality of customer service Unfortunately, most of the complaints people have had about this scheme have to do with the level of customer service they received and the internal processes used by the administrators. Many people have claimed that documents sent to the administrators were lost and neither the employer nor the administrator wanted to take responsibility for the issue. The way that the administrators deals with customer issues is commonly complained about. Some say that the customer service people are rude while others complain it takes a long time to get a hold on someone who will solve their problem for them. However, these issues do tend to occur when a company has a lot of staff.