In a move that may retain members after retirement, Vision Super will now give members access to their allocated pension funds directly through a variety of transactional banking services.
As part of a partnership with Cuscal, Vision Super has launched the SuperVantage account, giving users access to their money through ATMs, BPAY, online banking and Visa Debit cards.
The launch of this product supports Vision Super's retention strategy, as more members move from the accumulation stage to drawing down their funds.
Vision Super chief executive Rob Brooks said the move has many benefits for members.
"Our partnership allows members to keep their money invested in Vision Super's tax-effective investment funds, while using Cuscal's banking infrastructure to draw down their funds and pay their bills," Brooks said.
"The partnership with Cuscal and the launch of the SuperVantage account makes Vision Super the first industry fund to provide members with easy, convenient access to their savings."
Vision and Cuscal first announced their partnership in November last year.
"Our partnership with Vision Super has enabled us to deliver a unique suite of products and services," Cuscal general manager Adrian Lovney said.
Cuscal is an approved deposit-taking institution (ADI) with an AA- S&P rating.
