6. Our Superannuation Services
Help for our members
We strive to provide superannuation services that are relevant, reliable and helpful to our members. We want our members to be able to make informed decisions about their superannuation and their future income needs.
We provide to our members:
Our services to members are described in more detail below.
Help for our employers
In addition to services for our members, we also help our many employers to meet their superannuation responsibilities.
We provide to our employers:
Our members’ and employers’ satisfaction with our services
Overall, member satisfaction with our services increased in the 12 months to 30 June 2018, with CSC’s member Net Promoter Score increasing four points in that time. The Net Promoter Score is a standard industry measure of member and employer satisfaction with their particular superannuation fund. See here for more detail about CSC’s overall member satisfaction levels and our use of the Net Promoter Score.
As well as measuring member satisfaction with our services as a whole, we also measured satisfaction with our individual services. We asked: How would you rate your service experience on a scale of 1 to 5, with 1 being very dissatisfied and 5 being very satisfied? Members, on average, told us they were satisfied or very satisfied with our service. The results for individual services are explained in more detail below.
Employer satisfaction with our services also increased in the 12 months to 30 June 2018, with CSC’s employer Net Promoter Score increasing 16 points in that time. More information about employer satisfaction can be found here.
Seminars for members
In 2017–18, our member education team presented more than 500 seminars and webinars at capital city and regional locations around Australia. The seminars and webinars covered topics including superannuation basics, how to set a budget, how to create wealth through superannuation, and financial considerations when planning to leave the workforce.
Our seminars and webinars encourage members to ask themselves important questions about their retirement needs. Some of the questions our seminars encourage are:
Members told us they were generally very satisfied with the seminar or webinar they attended, giving it an average score of 4.2 – with 1 being very dissatisfied and 5 being very satisfied.
Members told us they liked receiving new information about superannuation that only an expert would know, and having confusing aspects of superannuation explained in ways they can understand. If members expressed any dissatisfaction, it was usually about wanting more time to ask questions at the end of seminars.
Military one-to-one information sessions
Our education team provides general advice on superannuation and retirement planning to individual military scheme members. In 2017–18, we provided nearly 3,500 one-to-one information sessions to members at ADF locations around Australia.
Sessions covered general advice including how to contribute to superannuation, how to access superannuation at retirement, and how superannuation is taxed.
Military members were usually very satisfied with their one-to-one session, scoring it 4.6 on average. Members liked the easy-to-understand and professional explanation of superannuation they received. If members expressed any dissatisfaction with their one-to-one session, it was usually because of waiting times for one-to-one sessions.
Personal financial advice
In 2017–18, our financial planning team provided fee-for-service personal financial advice to more than 1,200 members. Members received personal advice for their individual objectives, financial situation and needs. Advice was provided on a range of financial matters including how to plan for retirement; how to reduce debt; how to achieve lifestyle goals, such as saving to renovate or to holiday; and how to achieve other long-term goals, such as saving an inheritance.
Members usually told us they were very satisfied with the advice they received, scoring it 4.2 on average. Members told us that receiving clear and professional advice, and the advice provided being in their best interest, were important to them. Many members liked that their financial adviser was a CSC salaried employee not paid commissions or any hidden financial incentive. When members were not satisfied with the service they had received, however, they had often wanted to get advice for their individual needs and goals sooner, especially at 30 June.
Fee-for-service advice for members
Personal financial advice has been provided on a fee-for-service basis to members since CSC first offered advice in early 2013. Fee-for-service means members only pay for the time their adviser takes to prepare and deliver them their financial plan.
Our financial planners are now employed by CSC
Until November 2017, we offered personal advice to members through Industry Fund Services (IFS). Members met with an IFS planner, and all aspects of our financial advice service, including the day-to-day business management, were outsourced to, and provided by, IFS.
In November 2017, CSC moved to an Authorised Representative model where our financial planners are employed by CSC and business management is provided by CSC. Under this new arrangement, CSC’s financial planners are authorised to provide advice by Guideway Financial Services (ABN 46 156 498 538, AFSL 420367). Guideway is a licensed financial services business providing CSC financial planners with support to provide members with specialist advice, education and strategies.
Salaried employees means no commissions
As salaried employees of CSC, our financial planners do not receive commissions. Rather, we assess their performance on a combination of activity and quality metrics, including the number of member appointments they conduct, the number of financial plans they deliver, their adherence to CSC’s values, and member satisfaction levels with the service and advice they provide.
Help for our members by phone and email
By phone
In 2017–18, we answered almost 200,000 phone calls from our PSS, CSS, MilitarySuper and DFRDB members, while Mercer Administration answered more than 71,000 calls from PSSap, ADF Super and CSCri members. Members called for help with many general superannuation matters ranging from superannuation benefits, benefit options and taxation of superannuation, to members telling us their email, postal address or other personal information had changed.
After speaking with a CSC Customer Information Representative on the phone, members usually told us they were very satisfied with the experience, scoring it 4.5 on average.
By email
Members also requested general information about superannuation via email. In 2017–18, we replied to almost 93,000 emails from our PSS, CSS, MilitarySuper and DFRDB members, while Mercer Administration received more than 23,500 emails from our PSSap, ADF Super and CSCri members.
