AUSCOAL switches to weekly
Monday, 8 September 2008 12:00pm
AUSCOAL Super joins the growing list of super funds that have shifted from monthly to weekly crediting rates and, in a parallel move, the fund will also update investment choice switches from monthly to weekly.
As of the latest financial year, investment earnings, which may be positive or negative, will be declared weekly and applied to member accounts on a weekly basis.
For benefit and pension withdrawals, the latest weekly crediting rate will be applied for the period where a rate has not been declared.
"This change is beneficial to members in providing timely allocation of investment earnings and increased transparency in regards to how their investments are performing," noted the fund in its website.
Similarly, members can switch to another investment choice and have that choice updated on the first day of the next weekly valuation period, as opposed to the previous rule of updating the option on the first day of the next monthly valuation period.
Besides the added flexibility of the new crediting and switching rates, AUSCOAL's members have also enjoyed above-average customer service from the fund. This month, the $5 billion industry super fund was one of four finalists in the Excellence in Customer Service category of the inaugural 2008 BRW ANZ Private Business Awards.
"We're working more closely with our employers, we're developing relevant and personal education for our members and their families so they can make the most of their super, and we're offering scaleable, commission free financial advice," said the fund's chief executive Bruce Watson.
The fund's membership base grew by as much as 10 per cent in the past year. "Our success during this period lies with our staff…and because we make sure we have locals who understand the industry on the ground in the areas that our members work and live," said Watson.
Michelle Baltazar
This story was found at: http://www.financialstandard.com.au/news/view/23952
Printed: Tuesday, 6 January 2009 6:54pm