Damian Hill

Commonwealth Superannuation Corporation (CSC) has formed a strategic partnership with data and technology specialist Novigi; a significant milestone in CSC’s ongoing commitment to delivering the best possible service for its members.

Effective immediately, the partnership involves migrating data systems for five distinct superannuation schemes and integration of its existing systems to a unified administration platform, with Novigi supporting all platform operations for a seven-year term. A team of Canberra-based CSC technology staff will move to Novigi, to leverage their valuable expertise throughout the migration and ongoing operational phases.

The partnership is the latest initiative in CSC’s transformation program, which has already seen the launch of CSC Navigator, a streamlined self-service portal that provides a single view of all member accounts and insurance products, the introduction of automation and administration processes, and launch of The Compass, which provides high quality data that allows CSC to enrich its customer experience.

Damian Hill, CEO of CSC, said: “We are continually focused on growing our members’ balances and guiding them on the journey to a comfortable and fulfilling retirement. To achieve this, we need to provide the best possible service experience and to ensure our administration and technology systems keep pace with our goals. We’re confident that Novigi’s expertise in superannuation and financial services will ensure that CSC’s systems are future-proofed while mitigating any key risks.

“Consolidating our systems into one administration platform will reduce complexity and operational risk while enhancing the support we provide to our members.”

Ash Priest, Novigi CEO, added: “We are proud to be partnering with CSC on such a significant project to enhance the superannuation member experience. This announcement reflects our commitment to becoming a leading systems integration and platform managed services provider that delivers sustainable, value-driven solutions and cost-effective technology at scale, ensuring better outcomes for all.

“Our collaboration with CSC aligns perfectly with our mission to enhance the superannuation experience through the delivery of effective data & technology solutions, ultimately benefiting members and supporting their financial futures.

“We’re also really excited to welcome our new team members from CSC, and are looking forward to leveraging their expertise as well as providing them with invaluable exposure to our clients and systems.”

With more than 100 years’ experience, $70 billion in Funds under Management (FUM) and 746,000 customers, CSC provides superannuation products designed specifically for current and former members of the ADF and the Australian Public Service (APS). Its partnership with Novigi is a vital step towards the completion of its five –year transformation program.

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Damian Hill

In a financial year that saw Australians deal with higher living costs and global uncertainty, Commonwealth Superannuation Corporation (CSC) has delivered a strong 2023-24 investment performance for its 750,000 members.

In its 2023-24 Annual Report released today, CSC highlighted its strong investment performance for Financial Year 2024, which include:

• 10.6 percent return on its aggressive investment option, exceeding inflation by 6.7 per cent.
• 9.1 percent return on its Balanced MySuper investment option.
• 5.7 percent return on its income-focused option.

Damian Hill, Chief Executive Officer, said 2023-24 saw CSC deliver for its members across several strategic areas.

“Our focus over the past year has been on doing more to help our members, with a strong investment performance, new milestones in our five-year transformation program and the expansion of retirement solutions. This focus, in combination with an unwavering commitment to serve those who serve, means that our members can rest easy knowing their retirement savings are in safe hands.”

Alison Tarditi, Chief Investment Officer, said performance continues to reflect CSC’s philosophy of consistent delivery to purpose, focus on agile opportunity capture and risk management.

“CSC’s performance is the result of a disciplined process of agile opportunity capture and pro-active risk management. These strategic capabilities have enabled us to invest early into future-fit real assets, before their value was fully reflected in their prices, and to build strategic resilience into all our investment options.”

“Compared with other funds, our MySuper option generally suffers smaller losses when markets are falling, but still captures a significant proportion of the gains when markets are rising strongly. This option is specifically designed to balance the preservation of our members’ capital with sufficient and curated risk exposure to opportunities that can grow their savings above inflation, for more consistent and dependable outcomes at and beyond retirement.”

“Our choice options, designed for specific work-life stages, are very competitive over long periods of time.”

2023-24 also saw Commonwealth Superannuation Corporation (CSC) become one of the first funds to launch its Retirement Income Strategy (RIS), which provides its members with comprehensive retirement solutions and resources.

Key features include a new lifetime annuity option in partnership with Challenger to address the risk of some members outliving their retirement savings, a series of Trustee Default retirement options aligned to customer retirement profiles, and new online tools to guide members through retirement planning. 

In another move set to be of benefit to many members, CSC implemented changes to its fee structure on 1 March, reducing its flat dollar administration fee and introducing an asset-based administration fee of 0.05% per year.

Adam Nettheim, Chief Customer Officer, said CSC has evolved to play an important role as a retirement partner for its 750,000 members.

“While 2023-24 was another strong year from an investment performance viewpoint, we know that planning a comfortable retirement requires more than just a healthy savings balance. With our recently launched Retirement Income Strategy, CSC is proud to be evolving from pension administrator to a retirement partner that will help current and former employees of the Australian Public Service and Australian Defence Force achieve a comfortable retirement.

“With three-in-four contributing CSC members already on track for a comfortable retirement, we expect our Retirement Income Strategy and role as a retirement partner to improve these outcomes even further.”

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Nick Hamilton

Commonwealth Superannuation Corporation (CSC) will amplify its commitment to guiding customers to a comfortable retirement as it partners with Challenger, Australia’s leading provider of annuities, to launch the next stage of its Retirement Income Strategy (RIS) in early 2024.

With more than 745,000 customers and $63.3 billion^[1] in Funds under Management (FUM), CSC provides super products designed specifically for current and former members of the Australian Public Service (APS) and Australian Defence Force (ADF).

Its retirement solutions have been developed for customers as part of its RIS. Leveraging qualitative and quantitative research, CSC selected Challenger to provide a longevity solution to help meet its customers’ needs in retirement — that can be blended with its existing account-based pension, Commonwealth Superannuation Corporation retirement income (CSCri).

CSC CEO, Damian Hill, believes partnering with Challenger will be a boon for customers. “We are delighted to partner with Challenger, Australia’s largest provider of annuities,” he said.

“CSC has undertaken a detailed review of the options and providers available to help our customers address longevity risk in retirement, and Challenger is our selected industry leading provider.”

As Australia’s largest defined benefit pension provider, currently providing pensions to over 250,000 Australians, and a legacy of paying pensions for over 100 years, CSC’s RIS is an exciting steppingstone into a new century of serving those who served and their beneficiaries.

The strategy aims to provide customers with innovative retirement solutions and support and guidance, regardless of the path they choose in their retirement. Customers are guided through the use of customer cohort-based retirement profiles, simplifying their journey to accessing retirement income.

“We’ve developed a number of retirement income solutions tailored to different customers’ needs, based on grouping our customers into cohort-based retirement profiles,” Mr Hill said.

“The creation of these profiles was informed and guided by our customer research and independently reviewed by an external specialist. When we launch in early 2024 we’ll also provide customers with the support and guidance required to help them choose the retirement profile and solution that’s right for them. One that suits their balance of stability and sustainability of income, retaining the purchasing power of their income, as well as continuing to be able to access their capital.”

Challenger CEO and Managing Director, Nick Hamilton, said that he felt honoured that the partnership with CSC would support Australians who have served in the APS and ADF in their retirement.

“Like many older Australians, a significant cohort of CSC customers are worried their savings will run out, leading many to ‘under retire’ and unnecessarily reduce their quality of life. Leveraging our

expertise in managing longevity risk, CSC can now offer their customers a solution that will provide guaranteed income in retirement, and the confidence to draw down their savings,” Mr Hamilton said.

“Through our partnership, Challenger’s longevity solution will form part of CSC’s broader retirement income strategy, ensuring that their customers can access a simple solution at scale.”

CSC customers who may benefit from an annuity as part of their retirement solution will be referred to a CSC representative before finalising their decision. This will help to ensure that they have the support and guidance they need to make a confident and informed retirement income solution decision.

———

[1] As at 30 June 2023, CSC Annual Report 2022-23

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Damian Hill

One of Australia’s largest super trustees, Commonwealth Superannuation Corporation (CSC), has announced its partnership with workplace mental health organisation SuperFriend, effective 12 August.

CSC is trustee for 11 super funds, collectively managing around $50 billion in funds under management for 730,000 Government and Australian Defence Force employees.

SuperFriend will support employers and customers of CSC’s super funds, in a partnership with CSC’s group insurer AIA Australia.

Speaking of the partnership, CSC’s CEO Damian Hill said “our vision is to build, support and protect better retirement outcomes for our customers and their families. An important part of that is investing in mentally healthy workplaces so that our customers’ wellbeing is supported throughout their working lives. As well as being financially secure, we want our customers to retire healthy and happy.”

Mr Hill added, “SuperFriend’s training and resources help reduce the stigma associated with mental health, equipping people with important skills to thrive at work. Our partnership also supports their nation-wide research into factors that improve and protect worker mental health, and advocacy for inclusive and fair treatment for people with mental health challenges.”

SuperFriend CEO Margo Lydon said, “Our 2019 Indicators of a Thriving Workplace research revealed that public administration workers experience higher levels of stress, work-related insomnia, bullying and mental health-related stigma compared to workers in other industries. We’re absolutely thrilled that CSC has committed to improving outcomes for these workers and their families.”

CEO and Managing Director of AIA Australia and New Zealand, Damien Mu stated, “AIA Australia is pleased to be making a difference in people’s lives by supporting CSC customers when they need it most, while also seeking continuous improvement in customer experience. We’re a long-term partner of both CSC and SuperFriend, and we all have a big part to play in equipping people with the tools and skills they need to be well and stay well, in addition to supporting them through illness and recovery.”

CSC joins 23 other profit-to-member funds and eight group insurers in partnering with SuperFriend, an organisation created by the sector to reduce the impact and incidence of suicide and improve workplace mental health.

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Damian Hill

REST Industry Super has become Australia’s first superannuation fund to service its 1.9 million members’ enquiries online 24/7 with the launch of ‘Roger’ – REST’s online virtual customer service specialist.

‘Roger’ instantly responds to REST member’s super-related queries online, 24/7 and from any internet-enabled device.

REST Industry Super CEO Damian Hill said the new virtual customer service specialist uses advanced artificial intelligence to continually learn and add to its knowledge base to offer a more bespoke member experience.

Mr. Hill said, “We’ve looked at what our members are contacting us about and what they’re searching on our website to build ‘Roger’s’ knowledge base. As the newest member of REST’s customer service team, ‘Roger’ will continue to learn and develop, working alongside our existing channels to enhance our overall service experience”.

‘Roger’ is complemented by REST’s newly launched Live Chat, offering members online support from a REST customer service specialist through the live messaging function on its website.

“We’ve seen incredible success from its soft launch in December with ’Roger’ reporting about 1500 interactions a day while Live Chat, which offers extended hours beyond our call centre, is averaging more than 150 interactions a day from members within Australia and as far away as Chile, Sweden, Taiwan, South Africa, USA and Nepal.

“The launch of ‘Roger’ and Live Chat follows the appointment of Beth Parkin, REST’s General Manager of Customer Service, whose digital experience has enabled us to be at the forefront of expanding our customer service offering to enhance our overall member and employer experience,” Mr Hill added.

The new virtual customer service specialist is delivered on Creative Virtual’s leading customer experience platform V-Portal TM.

Patrick Gallagher, Managing Director ANZ & North Asia, Creative Virtual said, “Members are increasingly turning to self-service and digital channels for customer service. ‘Roger’ – the virtual customer service specialist, is like a new employee, continuously learning and improving his capabilities and will over time offer more personalised support to REST members.”

Mr. Hill added, “With the introduction of ‘Roger’ and Live Chat members can ask about their super in a supportive online environment anytime and from anywhere. In addition, ‘Roger’ is also on hand to help answer the general public’s enquiries about REST’s products and services.”

‘Roger’ has replaced the search function on REST’s website and is accessible with Live Chat on the ‘contact us’ page.

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Mr Hill, who has been CEO of REST since 2006, was presented with the award at the FEAL members’ dinner held in Melbourne last night.

Mr Hill has more than 25 years’ experience across the superannuation and life insurance industries, joining REST in 1999 as Administration Manager.  Under his leadership, REST has grown significantly and is now one of the largest superannuation funds in Australia by membership, with more than 1.9 million members and more than $37 billion in funds under management as at 30 June 2015.

AMP Capital Head of Institutional Business John Meagher said: “The FEAL Fund Executive of the Year award recognises the work of outstanding leaders in the Australian superannuation industry and Damian epitomises what it means to be a true leader.  He has taken REST from strength to strength and also contributed to the industry’s development through his participation in many working groups and consultation committees, with a particular focus on legislative changes to superannuation and disclosure to superannuation members.”

FEAL Chief Executive Officer Joanna Davison added: “I’m delighted to recognise Damian’s extensive contribution to the industry. He works tirelessly for REST’s members and the superannuation sector more broadly, and his passion for improving member mental health and wellbeing as Chairman of mental health foundation SuperFriend is another sign of his commitment and dedication.”

As part of his prize, Mr Hill receives a $20,000 executive education grant to be used at one of the world’s most renowned business schools.

Mr Hill said: “I’m thrilled to have been named FEAL’s 14th Fund Executive of the Year.  I feel fortunate to work in our industry and to have been a part of its ongoing development.  I’d like to thank AMP Capital and FEAL as well as the many people I have worked with over the years.”

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