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Employees will now be able to select their own super fund through an app developed by MYOB and fintech start-up Flare.
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MYOB launches new superannuation selector function
10 May 2021
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The new collaboration will now see MYOB Team provide employees with a superannuation selector functionality, allowing staff to port in a pre-existing superannuation account from any fund, or to select a new one.
Employees will also be able to submit or update their superannuation, tax and bank details through the app.
MYOB general manager of financial services Andrew Baines said the updates would help employers act upon the proposed Your Future, Your Super federal government legislative reforms, which limits the creation of multiple super accounts for new employees who do not choose a fund to receive contributions.
“These new onboarding features give employees control of their own super with minimal effort to the employer,” Mr Baines said.
“Employees can use the app to update their details at any time, which means gone are the days where multiple unintended super funds are created. People can have full command of their superannuation fund.”
Flare’s VP of financial services, Ben Styles, said the collaboration would be the first of many with MYOB, following the software provider’s investment in the start-up last November.
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“The combined functionality of MYOB and Flare will help businesses ensure their employees have a seamless experience throughout their employment,” Mr Styles said.
“A transparent, informed choice of fund leads to better retirement outcomes for all employees. We’re delighted to be able to provide this vital service to Australians in small businesses across the country through our partnership with MYOB.”
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