AMP, CFS and Vision Super get the Epic Retirement Tick

Three super funds, AMP Super, CFS FirstChoice and Vision Super, have joined the line-up of funds that have received the Epic Retirement Tick from Chant West and the Epic Retirement Institute.

These funds join Australian Retirement Trust - Super Savings, Aware Super, Brighter Super, Hostplus and UniSuper in the list of accredited funds.

The retirement-readiness framework offers a consumer-focussed assessment against 20 key criteria, evaluating the range of services and support super funds offer to pre-retirees and retirees. Funds must satisfy at least 14 out of the 20 criteria.

"There were new criteria introduced this year assessing cyber-safety, as well as a complaints-handling metric and more detailed requirements around access to financial advice and education. We saw a marked improvement in the way super funds were managing these important aspects of their operations," Chant West general manager Ian Fryer said.

"There has been a lot of development work by retail super funds across advice provision (digital & phone), engagement, and retirement income tools and calculators, leading to two of the three new funds being retail funds.

"Several more funds introduced a retirement bonus this year, but there was less innovation in terms of lifetime products. We're hoping to see more work in this space by next year."

Last year, ASIC slammed super trustees for poor retirement communications practices, finding that many funds are missing opportunities to engage with members throughout retirement and provide more meaningful support.

ASIC's review, Report 818 From superficial to super engaged: Better practices for trustee retirement communications, found some trustees offer one-size-fits-all retirement communications aimed primarily at pre-retirees.

Epic Retirement Institute founder Bec Wilson said the first year of the tick put a visible benchmark in front of funds and consumers.

"Funds that didn't meet the standard wanted to understand where they fell short and what they needed to do differently. Some have brought forward retirement initiatives, improved existing services or put greater focus on areas that weren't measuring up," Wilson said.

"Impressively, some of the funds that received the tick have continued to build on what they offer.

"That is exactly what we hoped would happen. The tick was never designed simply to identify the funds meeting the standard. It was designed to help lift the standard across the industry."

AMP Group executive of superannuation and investments Melinda Howes said the recognition reflects AMP's ongoing focus on helping Australians navigate the transition into retirement with greater confidence.

"Australians spend decades building their super, but retirement is when they need their fund to really step up. That means helping members turn their savings into the highest possible income, understand their options and get the guidance and support they need," Howes said.

"Retirement is a major focus at AMP - from investing differently for members in retirement and providing income for life through AMP Super Lifetime, to expanding access to simple digital and phone-based advice."

Howes added receiving the Epic Retirement Tick is further recognition of AMP's work, but the job isn't finished.

"With millions of Australians approaching retirement, we're continuing to lift the support we provide to help more members feel confident about the years ahead," she said.

Fryer said super funds' response to the introduction of the tick has been very positive and created genuine dialogue about how the funds can lift their standards for the benefit of members heading towards and already in retirement

"Ultimately, we want as many Australians as possible to have access to the advice, products, tools and service that help them maximise their financial security in retirement. Super funds are working towards the same outcome, and the tick supports their journey towards achieving that goal," Fryer said.