AXIS has developed a suite of services designed to support employers in creating corporate superannuation plans as a superior benefit and to position it as a best practice employer. Our exceptional understanding of superannuation is a result of 20 years industry experience as product specialists, servicing advisers, asset managers and technical specialists within Australia.
Using extensive experience and constant innovation, AXIS has developed processes that assist employers evaluate, optimise, promote, manage and service their corporate superannuation plan for the benefit of their employees.
As an employer funded employee entitlement, superannuation has not received the strong commercial focus it requires to ensure its value is optimised for each employee.
Superannuation is the second biggest employer funded employee entitlement after salaries and wages.
Service deliverables around superannuation are not measured or examined by employers in a way that puts superannuation service providers under normal commercial performance pressures.
AXIS Financial Group provides a methodology to best manage superannuation service providers and hold them accountable for delivery on their service promises on an ongoing basis. We ensure that this significant employee benefit is delivered in a manner in which the result is promotable as superior, and the employer is seen to fulfil their ethical commitment to the employee.
The services are:
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The Super Plan Evaluator uses payroll and plan data to examine what value is being delivered by the current versus alternative arrangements. It examines what response is coming from the workforce based upon current plan design and performance. The report determines what could be done significantly better.
The SPE should be re-run annually to monitor the ongoing performance of service providers against agreed KPI’s.
It is important to apply the same rigour to superannuation service providers as to any other supplier of company services.
On occasion, it is necessary to test the market as a matter of due diligence, a process that does not necessarily lead to a change but a process that keeps the current superannuation service providers commercially competitive.
Inevitably, there are changes and new products coming to market that should be examined as possibly superior to the current arrangements. Superannuation service providers are always prepared to talk to employers about their view of an optimised service.
At AXIS, we use our industry knowledge and expertise to identify the most appropriate fund providers which we believe will meet the needs of an employer’s corporate superannuation plan.
Should the employer choose alternative arrangements in the best interests of its workforce, then employees will need to be transitioned between plans.
The transition of employees between funds is a change management process which needs to be carefully planned and executed in a systematic and structured manner so that risks are mitigated, the employees are made aware of the impact of the new arrangements and accept them as new conditions of employment.
A successful transition is best achieved by a thorough assessment of ’employee and plan data’ leading to a detailed plan. The execution of which requires strong project management to ensure that timelines and milestones are met, as well as issues addressed in a timely manner. The process can be broken down into 3 steps:
The selected fund provider will use its transition team to roll out the new arrangements and will interface with the employees to affect the individual transfers. Their role is to ensure that the employees are transitioned between funds with any issues addressed so that the transition is smooth and there is no adverse effect on the employees.
A poorly planned and executed transition can impact adversely on both the employee and employer since there are a number of complex matters that need to be addressed and managed in the process.
The role of AXIS is to use our experience and knowledge to ensure that the transition is planned and executed smoothly. This service includes:
The product provider is not licensed to deliver advice and is only able to present information and therefore AXIS will review proposed correspondence from the tenderer to ensure that it is complete and relevant to the employees.
The Employer Service Package comprises 3 services which can be selected individually, or as a whole package.