With the introduction of "choice of fund" on 1 July 2005, Navigator has introduced a free online administration system aimed at easing the burden for employers whose employees will be able to nominate their preferred superannuation fund.
With the introduction of "choice of fund" on 1 July 2005, Navigator has introduced a free online administration system aimed at easing the burden for employers whose employees will be able to nominate their preferred superannuation fund.
According to Navigator’s chief operating officer, Grant Salmon, without appropriate assistance and advice, employers could be confronted with an increased administrative workload as well as increased cost of business.
To ease these issues for employers, Navigator’s online administration system - Superpay™, will now offer an administrative clearing house solution. And, it will be free for any employer who elects the Navigator Super Solutions Employer Service as their default superannuation provider.
Superpay™ will receive files from employers, store them, and pass them onto external funds when required. Most importantly, Superpay™ maintains a record of all transactions and sends information alerts.
"Putting it simply, this means, Superpay™ will ensure the seamless integration between the employer, Navigator and external funds," said Grant.
Employers using Navigator’s Superpay™ Clearing House solution will be able to log onto one system and provide contribution advice and payments for all funds and the software then automatically ensures all data and payments reach the correct location.
"Navigator is looking to provide the best administrative solution for ‘choice of fund’ without increasing employer costs. Some competitors are charging employers for use of their clearing house software but we wanted to ensure all employer costs were limited," said Grant.
Superpay™ is being delivered by Essential Computer Systems – specialists in payroll system integration and straight through processing.
For more information on the Superpay™ clearing house solution please contact your financial adviser.
-ends-
For further information please contact:
Simon Morgan
Group General Manager Public Affairs
Phone: (03) 9829 8892
Mobile: 0407 966 632
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator Australia Limited and Norwich Union Life Australia Ltd. Portfolio Partners Limited is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth management and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Aviva Australia is part of Aviva plc, the world’s fifth largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
- Aviva is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$74 billion, and more than A$592 billion of assets under management (as at 17January 2005). The group has more than 51,000 employees and 30 million customers worldwide.
- The information in this document reflects Navigator Australia Limited's ('Navigator’) understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by NULIS Nominees (Australia) Limited ABN 80008515633 (NULIS) must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from NULIS or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.