Indigenous Super

Indigenous Superannuation Working Group

While the Australian superannuation system was designed with the intention to benefit all Australians, the unique needs of Aboriginal and Torres Strait Islander peoples are often overlooked by superannuation policy makers and the industry itself.

AIST is keen to develop and implement strategies with the input of relevant stakeholders that address a range of issues that Aboriginal and Torres Strait Islander peoples face in relation to their super.

AIST along with the Financial Services Council, the Association of Superannuation Funds of Australia, Industry Super Australia and Women in Super have joined forces with a number of superannuation funds to form the Indigenous Superannuation Working Group - a cross industry commitment to effectively establishing and meeting the needs of Aboriginal and Torres Strait Islander people.

In 2015, the Indigenous Superannuation Working Group completed their initial Discussion Paper -  Building Better Superannuation Outcomes for Aboriginal and Torres Strait Islander People and as a result, decided to hold the 2015 Indigenous Super Summit. The group has since held another Indigenous Super Summit in 2016.
 

Indigenous Super Summit 2016

The second Indigenous Superannuation Summit – an initiative of the Indigenous Superannuation Working Group – was held in Melbourne in early November. The Summit brought together government agencies, Aboriginal and Torres Strait Islander advocates and the superannuation industry in a spirit of cooperation.

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The objectives of the summit were to:

  • Enhance Aboriginal and Torres Strait Islander access to superannuation
  • Improve industry engagement with Aboriginal and Torres strait Islander members
  • Promote Aboriginal and Torres Strait Islander employment in the superannuation industry

After the summit, delegates expressed a desire to create change within their organisations and over the next 12 months the Indigenous Superannuation Working Group resolved to:

  • Implement the new AUSTRAC Guidelines on Aboriginal and Torres Strait Islander identification
  • Improve engagement with Aboriginal and Torres Strait Islander peoples
  • Move towards simplifying the system and reducing the use of technical language
  • Encourage greater sharing of information to better inform decision making

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A report of the day, including summaries of the discussions and outcomes is available in the Indigenous Super Summit Report.The 2016 Indigenous Super Summit was proudly supported by Mercer. 

Alternatively you can review the 2015 Indigenous Superannuation Summit here.

AUSTRAC guidance

In 2016 the Australian Transaction Reports and Analysis Centre (AUSTRAC) issued new compliance guidance encouraging funds to look at more flexible approaches to identification requirements for Aboriginal and Torres Strait Islander peoples – including accepting alternative forms of identification where possible. The Indigenous Superannuation Working Group worked closely with AUSTRAC on developing the guidance and have since put together a free letter template that organisations can use to inform others that the guidance exists. 

AIST is also a proud charity partner of First Nations Foundation. You can read more about this parternship and the Big Super Day Out here.

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