INTRUST SUPER
SUPPLIER
A new and hopeful landscape
Brendan O’Farrell CEO Intrust Super
2019 was a year of intense examination of the superannuation industry, but Brendan O’Farrell, CEO of Intrust Super, believes it has led to positive changes that will make a real impact on the super of many Australians. The future looks bright. THE LAST twelve months have been challenging for the superannuation
$6000 from receiving default insurance.
spare change from a member’s everyday
These changes were put in place to
transactions and transfers it straight into
industry, as it faced a widely publicised
help prevent Australians’ retirement
their super account. The app was a finalist
legislative overhaul, which amounted
savings from being eroded. Premiums for
for SuperRatings’ Best New Innovation
to a stronger framework around super
insurance cover are taken from members’
award for 2020, and is already seeing
that should result in better financial
super accounts and can therefore reduce
members add an extra $15 per month to
outcomes for members.
their savings if they are not contributing to
their super on average.
For Brendan O’Farrell, CEO of Intrust
it. At the same time, the loss of insurance
Super, the investigation into the structures
could have a significant financial impact on
LOOKING AHEAD
around superannuation meant that
many of our members if they should suffer
Just as O’Farrell expects big things for the
Australians were paying attention in a
from an unexpected illness or injury.
hospitality industry in 2020 off the back
more meaningful way.
“It was critical that more education
of new campaigns to promote regional
“I was pleased to see a real increase in
and information about these insurance
pubs and relaxing of lock-out legislation
engagement with super across the country
changes was distributed to members.
in Sydney, he also expects a dynamic year
as a result. Australians are notoriously
Casual workers, who make up much of the
ahead for Intrust Super.
disengaged with their retirement savings,
hospitality industry, could be particularly
“2020 will see our friendly team
yet so many demonstrated their feelings
impacted, as they have no access to paid
members delivering the best possible
on the Commission’s revelations by
leave. Our priority was to ensure our
service and financial outcomes to
shifting their super to not-for-profit
members remained fully informed about
members and working with our business
industry funds like Intrust Super.”
what was happening to their insurance
partners to ensure their needs are met.
cover, so they could decide what is best
We’re creating new ways to engage with
for their situation,” stated O’Farrell.
our membership base and provide more
STAYING ON TOP OF THE CHANGES
With that in mind, Intrust Super has
face-to-face service at workplaces while
As per the new legislation, since 1 July
upgraded its online financial advice
2019, super members who have not
service, Super Blueprint, which has
contributed to, or rolled over funds into,
helped many of its members consider
our ‘Super Pop-up’ financial wellness
their accounts for 16 consecutive months
their insurance cover requirements in light
program, ‘Super Kiosks’, ‘Super Made
could lose any default insurance attached
of the legislative changes.
to Order’ and ‘Super Health Checks’,
to their account. Further changes will
minimising disruption to businesses.” “With many new service options like
In another development aimed to help
our business partners will have many
come into effect in April 2020, preventing
members increase the value of their super,
new choices to maximise their staff’s
anyone under the age of 25 and members
Intrust Super also introduced SuperCents
engagement with super and improve their
with an account balance of less than
in 2019, a new app which collects the
retirement outcomes.”
20 | Australian Hotelier