Employers, often tasked with intricate superannuation arrangements, will now find Morningstar's comprehensive analytics integrated within the SuperAPI platform. This integration promises to reshape how data and research on Australian super funds and their various investment options are accessed.
This collaboration arrives just in time to coincide with the transition to pay day superannuation models. The timing facilitates a smoother adaptation for employers overhauling their systems to navigate these changes efficiently.
As highlighted in a joint briefing from Morningstar and SuperAPI, the partnership is designed to empower employers in selecting the ideal default fund for their workplace, improving decision-making for new employees entering the superannuation landscape.
Peter Bryant, managing director at Morningstar Australia and New Zealand, emphasized their commitment to enhancing employer productivity while engaging individuals in meaningful, informed dialogues concerning their retirement planning. "Our collaboration with SuperAPI not only brings efficiency to employers, but also ensures employees are educated about their savings," Bryant noted.
Echoing this sentiment, SuperAPI's CEO and co-founder, Riley James, underlined the capitalizing on governmental initiatives like Super Stream, SuperMatch, and the Australian Taxation Office’s Super Stapling API. "Our solution refines systemic processes while adhering to standard choice architectures in superannuation, yielding considerable benefits to businesses and fund members alike," stated James.
Amidst SuperAPI's surging interest from super funds, largely driven by regulatory advances related to stapling and employer-focused marketing, James noted a rise in their demand. "With around 2.9 million Australians beginning new roles last year according to ABS data, many face the daunting task of deciphering the super system. First-time employees, especially international arrivals or young workers, find these resources invaluable," James explained.
From Morningstar's perspective, employees gain significant insights into fund performances and comparable metrics across different benchmarks. Bryant affirmed, "We also underscore key portfolio attributes that matter, such as sector exposure and specific industry stakes including thermal coal, tobacco, and gambling, thus allowing members to make informed, values-aligned decisions."
