National Australia Bank (NAB) has launched a super clearing house in time for new SuperStream regulations that come into effect in November.
The bank has introduced online portal NAB Super Pay, which is accessible to fund, employer and self-managed super fund customers.
Through the online portal, employers can make contributions to multiple employee funds and self-managed funds without needing to process multiple data forms and making separate payment transactions.
NAB general manager wholesale wealth Nathan Gooley said employers can send in their super contributions using file extracts from their payroll system.
The super industry processes over 100 million transactions per year at a cost of about $3.5 billion.
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.