Statewide Superannuation is a South Australian owned and operated industry super fund with around 170,000 members.

It has $2 billion in assets and returns profits to members in the form of lower fees and charges.

Statewide was established in 1986 by SA Unions and Business SA to help South Australian workers save for retirement.

In addition to helping members achieve their retirement lifestyle goals, Statewide Chief Executive John O’Flaherty (pictured above), said that Statewide was committed to assisting employers in managing their superannuation obligations for their employees.

“Our partnership with Business SA allows us to develop and strengthen our relationship with the South Australian business community and nurture ties with employer groups,” Mr O’Flaherty said.

“Statewide offers cost-effective, simple superannuation through its industry fund, and also offers a master fund with greater investment flexibility.”

As well as low cost super, Statewide provides its members with competitive personal insurance such as death and disability insurance and income protection insurance plus access to personal, tailored financial advice.

“Statewide also provides assistance to around 20,000 employers who use Statewide to manage their employees’ super.”

Mr O’Flaherty said that it was a major advantage being a local organisation that offers personal, efficient service.

“Being part of a local financial institution such as Statewide means that members and employers are part of a company that understands South Australians, the South Australian business climate and community, and understands the issues that affect South Australians.”

“For employers, being part of a locally-based industry super fund means that they can take advantage of ongoing personal support. Being in the same state allows our team of consultants to visit metro and regional businesses to speak to employers, payroll people and staff about super, as well as offer regular follow-up service.”

John O’Flaherty joined Statewide in October 2009 and said that he has already noticed some key issues facing employers and members.

“Many employers see super as a complicated and time-consuming administrative burden and that they want to be able to pay their super with a minimum amount of cost and fuss.

“We have addressed this issue by offering an online payment system that saves time, money and paperwork, a clearing house to deal with multiple payments to different funds, plus our consultants visit employers and show them how to manage their super most efficiently.

“Another key issue is low member engagement with super. Many people, especially those in younger age groups, tend not to take any notice of their super or think about adding extra to it.

“It is only as people reach middle age that they realise they may not have enough to support their retirement.

“To younger people, super appears as something too complex, boring, irrelevant and that retirement is so far off in to the future that they need not concern themselves with it.”

Mr O’Flaherty also said that many people change funds each time they change employers, so lose track of money in other funds, which can be eroded by fees or end up at the Australian Tax Office.

Following the financial crisis, people have become critical of the superannuation system and one challenge facing the industry is to demonstrate the benefits of investing through super.

“The economic downturn has caused concern among people nearing retirement who have watched their super diminish through negative returns,” Mr O’Flaherty said.

“Statewide has addressed this issue by communicating with members about the causes and effects of the downturn. We have done this through direct mail to members, by hosting seminars and by encouraging them to seek financial advice.”

Mr O’Flaherty noted that not all the news from the downturn was bad, with many members now seeking more advice about their superannuation.

“The heightened publicity has led to people engaging more with their super as they realise it is an investment that they need to take control of.”

With the in depth knowledge of the local business community, Statewide members can rest assured that their super is in safe hands.

The information provided above is of a general nature. It does not consider your specific needs nor is it intended to be financial product advice. You should obtain independent financial advice, and consider the applicable Product Disclosure Statement before making an investment decision.