Did you know there’s a way you can promote financial well-being for your staff, and increase their retirement savings – without additional cost to you as their employer?
Behavioral economics has shown that while people may feel they can’t afford to save more now, they’re willing to put money aside from future pay rises to save for retirement – that’s why Vision Super introduced the ‘Save more later’ scheme.
We’re helping workers with our default employers to get more out of their retirement by promoting a workplace arrangement, where a portion of an agreed future salary increase is automatically paid into the employee’s super as an after-tax contribution. Workers are automatically enrolled in the scheme, but can opt out whenever they wish.
This contribution can increase each year in line with salary increases, and may add up significantly over time.
The success of Macedon Ranges Shire Council
Have a listen to John Hausler from Macedon Ranges Shire talk about how ‘Save more later’ is working at Macedon Ranges Shire Council and how it can benefit your staff.
At the time of recording, the SG rate was 9.5%. Since 1 July 2021, the SG rate is 10%, and will increase again to 10.5% on 1 July 2022.
The plan has not only been a positive step for financial wellbeing and workplace morale, but has also increased engagement with super and encouraged employees to increase their contributions beyond what was included in the Enterprise Agreement.
There have been real, tangible employer benefits from the plan, and we would love to help you increase staff engagement at the same time as your staff improve their retirement outcomes.
The plan is currently being considered by several Councils and water authorities. If you’re interested in introducing the plan in your workplace, please contact Paul Filia on 0417 014 945 or request a call back below.
The great news is you can now open your pension account online through the secure site.
You’ll just need to open a Vision Personal account first and then you can transfer across to a Vision Super pension.