ASFA, the voice of super, has today reaffirmed its commitment to tangible change for First Nations superannuation members by releasing a draft Guidance Note on Severe Financial Hardship Withdrawals for member consultation. This marks a significant milestone in the superannuation sector’s long-overdue shift from identifying barriers to breaking them down.
Developed in collaboration with the First Nations Foundation (FNF) and the Indigenous Super Working Group (ISWG), this Guidance Note is the first in a suite of industry-led reforms aimed at standardising forms across the super sector – a key priority identified at last year’s First Nations Super Summit.
Part of this work has been to create a new standardised form and process for superannuation members to access their super based on severe financial hardship. This is about delivering real solutions, removing hurdles and ensuring superannuation processes are simpler, fairer, and more culturally appropriate for First Nations members.
ASFA CEO Mary Delahunty said the sector has spent years discussing the structural challenges First Nations members face in engaging with their superannuation. Now, she said, it’s time for action.
“We have listened, we have learned, and now we act. The inaugural First Nations Super Summit in 2024 made it clear that First Nations members and their advocates find the lack of consistency across fund forms to be an enormous barrier to engage with their super. This Guidance Note is a vital first step in ensuring the super system can help all members engage with their fund, complete paperwork efficiently and receive good, consistent service.”
This week, ASFA attended the second First Nations Super Summit to engage with community members, industry stakeholders and members on the next steps for industry-led reform.
“These summits are an opportunity to reinforce the sector’s commitment to meaningful change, ensuring policy decisions translate into practical improvements that make superannuation more engaging for First Nations members,” Ms Delahunty said.
The draft Guidance Note, form and process is now open for industry consultation, with ASFA encouraging all members to engage in shaping this critical piece of industry guidance. Following consultation, the finalised guidance is expected to come into effect in March 2025, with full adoption encouraged by 31 December 2025.
“This is not about checking a box or making minor tweaks, this is about difficult but practical systemic change through process change. We are committed to making superannuation fairer, simpler, and more inclusive for First Nations members, no matter how difficult the process. We owe it to them to get this right,” Ms Delahunty said.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
