Rewards program to boost super savings

A super fund has launched a rewards program that helps boost members' superannuation savings.

GuildSuper launched SUPERSUPER this week, a shop-and-reward program that teams up with participating retailers and automatically contributes to members' superannuation accounts calculated on a percentage of every dollar spent.

A member spending $100 on groceries for example, will see $5 contributed to their super.

GuildSuper general manager Greg Everett said SUPERSUPER was designed to help women disadvantaged by the system grow their superannuation.

"Women tend to be the main shoppers in the family so providing a program that allows them to grow their super balance each time they shop is a real and practical solution," he said.

With women often working in low-income roles, part-time and typically take time off to look after family, Everett said it was critical for GuildSuper to create a better future for them in retirement and hence why SUPERSUPER was established.

The program is different because it doesn't ask members to make sacrifices or "give up your daily coffee," rather  earn money from what has already been spent on everyday items like groceries, petrol and bigger ticket items such as furniture and airfares, he said.

"We hope SUPERSUPER will make a meaningful difference to the lives of our members. It is designed to simplify their relationship with super and alleviate some of the stress they may carry with respect to not easily being able to contribute more to their super balance," he said.

The Guild Retirement Fund comprises GuildSuper, Child Care Super and GuildPension superannuation funds. It collectively manages superannuation savings of $1.7 billion for more than 79,000 members.  About 86% of its member base is women.

Read more: GuildSuperSUPERSUPERChild Care SuperGreg EverettGuildPensionGuild Retirement Fund
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