MyState Chairman, Miles Hampton, said: “We are very pleased to announce the appointment of Vaughn Richtor to the MyState Board.

Vaughn is the former CEO of ING DIRECT Australia where he led the successful establishment of arguably Australia’s pre-eminent digital bank.

He was subsequently appointed Managing Director of ING Vysya Bank in India where he led a successful turnaround.

This role was followed by appointment as Chief Executive Officer and Head of Retail Banking, Asia with ING.

He is currently Chairman of Ratesetter Australia and a Non-Executive Director of TMB Bank in Thailand.

Vaughn was named Executive of the Year at the 2016 Australian Retail Banking awards and will bring significant banking and digital experience to the MyState Board having worked extensively within the industry in Australia and overseas and we look forward to his contribution.”

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Vaughn Richtor

Australians overwhelmingly support superannuation with a clear majority backing a rise in compulsory contributions to 12 per cent according to a report, Superannuation – Australia’s view, released today by the Financial Services Council and ING DIRECT.

The FSC-ING DIRECT report has found that 89% of respondents in a survey of 1,000 working Australians strongly support superannuation. Eighty-three per cent also strongly favour an increase in compulsory superannuation savings to 12 per cent.

John Brogden, CEO of the Financial Services Council said: “This is sound evidence that our superannuation system is working well and is on track to achieve its goals.”

While support for super is strong, two thirds of Australians believe their super funds are not transparent enough when it comes to fees and charges. Further investigation via focus groups found less engaged account holders did not know or understand how their fund and fees were working, while those who were more engaged believed more disclosure was needed.

Vaughn Richtor, CEO of ING DIRECT said “We would encourage people to learn more about their superfund, its performance and fee structure to ensure it is the best fund for their own circumstances.”

“Superannuation will be the biggest investment many Australians will make during their lifetime.

With many consumers in default funds, it is critical that MySuper does not create a set and forget mentality. Financial advice along the way can significantly help consumers achieve their retirement goals.”

Key Findings: 

• Confidence and engagement in super has improved in the past 12 months due to strong performance

• 89% support superannuation as a good way of saving for retirement

• 83% support increasing contributions to 12%

• 62% believe they will not have enough to fund a comfortable retirement

• 48% don’t know the fees they pay on super

• Of the 52% who do know their fees the majority (37%) believe they are paying too much

• 74% had their super fund chosen by their employer.

The report also found that while most people are able to recall their current superannuation balance, 62% believe they will not have enough to fund a comfortable retirement. Consumer perceptions of the amount required for an adequate retirement varied widely – 46% believe $500,000 or less will be enough while 38% say $1 million or more is the right amount.

Superannuation balances for the average male are currently $198,000 while the average female has $112,000.

“It is clear that consumers want stability in the superannuation system and for compulsory superannuation savings to continue to increase to 12 per cent,” Mr Brogden said.

Despite some misgivings about the ability of their superannuation fund to provide a comfortable retirement, Australians see superannuation as a worthwhile system that is essential in providing, or at least contributing to, this goal.

“The industry has a role to play in ensuring people understand how their super fund operates and what retirement nest egg they can expect with the right level of risk,” Mr Richtor said.

Mr Brogden added: “Governments can greatly assist by continuing to invest in financial literacy for consumers.”

“As a compulsory system, it is critical that superannuation maintains strong support to ensure superannuation achieves its full potential and that Australians have adequate savings in retirement,” Mr Brogden said.

Click here to read the full report.

FSC-ING Direct superannuation overview.

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