ING will enhance its online superannuation clearing house product to allow tax file numbers (TFNs) to be electronically transferred, along with contributions, to funds employees have selected under the choice of fund legislation.
"Before this development the employer would provide us with the TFN and we would then pass it on manually on their behalf. This would be done via a letter or an email and it was just an inefficient process," ING Employer Super head of product and marketing Mark Pankhurst said.
Under the choice of fund legislation employers are required to pass on TFNs to all superannuation funds to which they are making contributions.
The new functionality will be available to users of the ING Employer Super product from July onwards this year.
The improvement to ING's clearing house facility comes as a result of research the financial services firm conducted that found online functionality was considered one of the most important features of the Employer Super product among advisers.
"It was very important to our large employers many of whom have very big payrolls. It basically takes a lot of the pain away for them," Pankhurst said.
"We sit down with our clients on a regular basis to find how we can make their lives easier and it became prey clear that this was a thing they wanted some help with and they wanted us to find a solution for them."
The enhancement follows the streamlining of websites ING provided for its clients back in October last year to help fund members better access information regarding their super.
