A letter from Jason Marler, GM Workplace Solutions

Jason Marler highlights IOOF's strong performance and explores recent enhancements to member services

IOOF’s MySuper investment option delivered a strong, double-digit 10.66% return for members in FY24

As part of our continued commitment to financial wellbeing and dedication to members’ best interests, it’s my pleasure to update you on our FY24 investment performance results and assure you of our commitment to regularly reviewing and enhancing our product and services offering.

A strong, double-digit 10.66% return for the 2024 financial year is great news for members in our IOOF MySuper default investment option.

This strong return to 30 June 2024 also places IOOF Balanced Growth investment option among the top 6 MySuper investment options for the financial year.¹ 

We’re committed to investing in our member offerings and providing better retirement outcomes for you and your employees.

Note: On 19 August 2024, IOOF Balanced Growth replaced IOOF Balanced Investor Trust as the default MySuper investment option. You can find out about the changes in the IOOF Balanced Growth flyer.

It’s another star performance

Once again following the Heron Partnership’s annual review of superannuation products, we have been awarded the highest rating with 5 Quality Stars for 2024/25. 

We achieved 5 Quality Stars ratings for IOOF Employer Super and IOOF Personal Super as well as being identified as a top 10 provider for the quality of our investment features across these offers. 

We also achieved 5 Heron Quality Stars for the IOOF Employer Super and IOOF Personal Super MySuper investment options in a separate assessment of MySuper options across the industry. 

Commenting on the rating our General Manager, Workplace Solutions, Jason Marler said “We’re incredibly proud of this recognition as it acknowledges our focus on a quality member experience and our drive to deliver financial wellbeing in retirement. It is a privilege to be able to deliver exceptional outcomes to our members.”  

The primary goal of the Heron rating process is to provide a realistic and objective representation of product strengths and weaknesses. 5 Heron Quality Stars represents an “outstanding” product with a great depth of features, and hence flexibility for members. View latest Heron ratings here.

Positive insights around how your employees are feeling

Our recent NPS customer research, conducted through our Member Advocacy Research Program, has provided us with invaluable insights into how our members experience our products and services. By applying the key findings to our Insight 2 Action Framework, we were able to identify crucial areas for improvement and have already begun implementing changes to enhance the member experience. 

The 2024 results show a significant improvement in both our Net Promoter Score (NPS) and Customer Satisfaction (CSAT) compared to 2023, reflecting the positive impact of these initiatives across various aspects of our business, including product offerings, marketing communications, and digital experience.

Strengthening member engagement and experience

Over the past 12 months, we have implemented several key improvements that directly address the feedback from our members. For instance, we optimised our pre-retiree email campaigns to better engage members approaching retirement and launched welcome calls alongside updated journeys for employer super members, which have significantly enhanced member engagement and retirement outcomes. We've also focused on clear and transparent communication around fees and performance, improving accessibility and readability across our digital platforms. 

Additionally, we've enhanced our online tools and calculators with user-friendly interfaces and redesigned journeys, while our Client First Call Centre has seen over 20 service improvements, including better fraud protection and more efficient payment processes. These efforts have not only boosted our performance but also strengthened our engagement with younger audiences, ensuring we meet the diverse needs of our members and deliver a more positive overall experience.

As always, we appreciate your continued support. If we can help you in any way, please reach out to your Relationship Manager directly.

Best regards

Jason Marler
GM, Workplace Solutions

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¹ SuperRatings Fund Crediting Rate Survey, June 2024. Based on SR50 MySuper Index Survey. Returns are calculated net of investment fees, tax and implicit asset-based administration fees. Explicit fees such as fixed dollar administration fees, exit fees, contribution fees and switching fees are excluded. Past performance is not an indicator of future performance.

Important information: This document has been prepared by IOOF Investment Management Limited (IIML) ABN 53 006 695 021, AFS Licence No. 230524 as Trustee of the IOOF Portfolio Service Superannuation Fund ABN 70 815 369 818 (Fund). IOOF Employer Super is a Division of the Fund. IIML is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group).

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial adviser and seek tax advice from a registered tax agent. Please obtain and consider the PDS and the Target Market Determination (TMD) both of which are available for consumers to better understand products before making any decision about whether to acquire a financial product. Information is current at the date of issue and may change. Past performance is not an indicator of future performance.

The Heron Partnership (Heron) ratings are based on analysis of information such as product disclosure statements provided by third parties, as well as general market knowledge. Such information is considered to be accurate at the time a particular product is rated by Heron. However, Heron gives no guarantee or warranty and makes no representation as to the accuracy or correctness of any third-party information and accepts no responsibility for any inaccuracy or incompleteness in the third-party information provided to it. Heron makes no guarantee or warranty in relation to the investment component or rate of return of any product that it rates. For details about The Heron Partnership’s ratings methodology refer to www.heronpartners.com.au