Meeting identification requirements remain a major hurdle to improving Indigenous superannuation outcomes, according to a report from the Indigenous Super Summit 2019.
Delivering the report to key Parliamentarians in Canberra yesterday, the Chair of the Indigenous Superannuation Working Group, Eva Scheerlinck said the industry and the regulators were working towards standardized identification requirements.
She added that hey are also working on binding death nomination forms, but more needs to be done to improve outcomes and achieve consistency across the industry
The release of the 2019 Summit report follows the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which also highlighted how cultural and structural issues were hampering the ability of Indigenous people to engage with superannuation funds.
The Royal Commission heard that indigenous Australians have 23 per cent less in retirement savings than non-indigenous Australians and that many members in remote communities were unaware of their superannuation entitlements.
