The Executive Manager of Super Recoveries at IFS, Natalie Lister, emphasised the significance of these recovery efforts in bolstering retirement outcomes for working Australians. While acknowledging the advancement that Payday Super presents, Lister cautions that new measures won't entirely eliminate superannuation underpayment issues. This sentiment echoes findings from a recent report by the Super Members Council, which revealed 2.8 million Australians missed out on $5.1 billion in super entitlements during 2021-22.
The role of IFS in recovering unpaid super has been particularly impactful for Cbus Super members, as noted by Marianne Walker, Cbus Super Deputy CEO. Cbus, which heavily relies on IFS services, has seen substantial benefits for over a hundred thousand members. The significance of recovering unpaid super is magnified by its potential to grow via compound interest over time, highlighting the essential nature of these efforts for sectors where frequent job changes and insolvencies are common.
In response to ongoing challenges, IFS announced investments in expanding their technology and automation capabilities. By integrating intelligent automation, predictive analytics, and enhanced systems, they aim to elevate service efficiency and cost-effectiveness, ultimately delivering more robust, data-driven outcomes.
Luke Fraser, Head of Workplace Partnerships at AustralianSuper, highlighted the enduring impact of unpaid super on retirement savings, underscoring the importance of ensuring members receive their full entitlements. With the impending implementation of the Payday Super in 2026, AustralianSuper is prioritizing collaboration with partners and employers to facilitate this transition through compliant payment technology and tailored educational initiatives.
