ASIC welcomes the superannuation industry's commitment to supporting Indigenous Australians with its inaugural Indigenous Superannuation Summit, held in Melbourne earlier this month.
At the summit, the ASIC's Indigenous Outreach Program (IOP) highlighted the practical ways the industry could improve engagement with its Indigenous members through a co-ordinated outreach effort. This was based on the findings of the IOP's outreach work in remote communities, including its most recent trip with QSuper to Lockhart River, in Far North Queensland.
ASIC congratulated the superannuation industry on the successful summit, a result of significant work by industry that ASIC has been assisting with, to raise understanding about, and engagement with, superannuation issues for Indigenous people.
The Summit was attended by more than 90 stakeholders, including representatives from the superannuation and banking industries, Indigenous and Government agencies and consumer groups. Attendees were asked to commit to actions that would improve access and engagement for Indigenous people.
Trevor Pearce, CEO of First Nations Foundation said, 'The Indigenous community is keenly watching what is unfolding within the superannuation industry and government policy development. Many Australians share the same challenges when dealing with their superannuation.'
'The Summit has successfully identified complex issues facing Indigenous Australians, including lack of identification documents, in accessing their super,' Cathy Binnington, Senior Manager of ASIC's IOP said.
'ASIC welcomes the enthusiasm and commitment of the Working Group, and in particular, its Chair, Eva Scheerlink to tackle issues facing Indigenous Australians and superannuation.'
The Summit was intended to progress issues raised in its discussion paper Building Better Superannuation Outcomes for Aboriginal and Torres Strait Islander People, available here.
Background
ASIC’s IOP was established in 2009 in response to concerns about Indigenous consumers in relation to various financial services issues. The IOP is a national team and undertakes outreach trips to urban, rural and remote Indigenous communities to raise awareness about money matters and to take complaints. They also work with industry and consumer advocates to increase the financial knowledge of, and improve, the services provided to Indigenous Australians.
The IOP's visit to Lockhart River, in Far North Queensland, was undertaken with Lyn Melcer, Head of Technical Operations, and other staff of QSuper. ASIC and QSuper provided practical, on the ground assistance to the Lockhart River community to help them to find and access their superannuation benefits. QSuper experienced firsthand the difficulties faced by very remote members when accessing their superannuation. Over four days, the joint outreach team was able to provide direct assistance to more than 80 individual community members.
The Summit is an initiative of the Indigenous Superannuation Working Group, chaired by Eva Scheerlink of the Australian Institute of Superannuation Trustees. The Working Group was formed to tackle the challenges facing Aboriginal and Torres Strait Islanders in accessing and understanding their superannuation benefits.
The Indigenous Superannuation Working Group is made up of: Australian Institute of Superannuation Trustees; Association of Superannuation Funds; Industry Super Australia; Financial Services Council; Women in Super; AMP; MLC; GESB; Australian Super; QSuper; HESTA; First State Super; Cbus; Super SA: Vision Super; First Nations Foundation; AUSfund; Milestone Group; NT Superannuation Office; Gordon Noble.
Media enquiries regarding the Indigenous Super Summit contact Janet De Silva, AIST Executive Manager Media and Communications on 0448 000 499.