This financial year was another busy one as the Fund continued to adapt to legislative developments with insurance and super and introduce new products and services to address the needs of the membership. We continue to review and evolve our service offering to help members make the most of their super.
To use the word of the moment, this year we came into ‘unprecedented’ territory with the emergence of the COVID-19 virus. We quickly enacted our business continuity plans to effectively operate the Fund with little or no disruption of service to members. The Fund is committed to ensuring the safety of all staff, members and employers in response to this pandemic. We were proud of our ability to transition to working-from-home and serving our members to the best of our ability, and in turn respectful of the patience and understanding shown by members during this time.
With various state-based restrictions introduced from March 2020, worksite visits and face-to-face meetings with members were suspended for a time, moving to phone or video meetings, where possible. When the Government amended legislation to allow temporary early access to super for individuals impacted financially by COVID-19, the Fund was busy attending to these requests in a prompt manner.
For investment markets the 2019/20 financial year began reasonably well, however in early 2020 investment markets were impacted by the developments of the COVID-19 virus and pandemic declaration, creating significant market volatility in February and March which then swiftly regained lost ground. As a result, the majority of super funds delivered negative returns for the 2019/20 financial year. Like all other funds, Maritime Super’s investment performance was impacted by COVID-19, however our investment strategy remains focused on the long term.
Industry SuperFunds continue to invest in Australia through major infrastructure projects and over the next three years will be investing in projects that will create over 200,000 estimated jobs between 2020 to 2023. These investments will help our economy and our super bounce back. As a member of Maritime Super, you’re a big part of that.
The Trustee regularly reviews the Fund’s investment strategy and, as always, our investment options and strategy focus on the delivery of consistent long-term returns in line with investment objectives.
Remember, the Fund is available to you to help you make informed decisions about your investment strategy. Based on the level of advice you’re after, you can either speak to one of our planners over the phone about your investment or contribution strategy or make an appointment with one of our financial planners for more detailed financial advice.
We continue to support members through easy to use and personalised online experiences like the interactive statement and Member App. This financial year, we also launched two new digital solutions for members; a microsite with three easy steps to help members manage their super, and more recently a new Info Hub with informative, easy to read blogs on all things financial and more. We’re very pleased with the response and engagement with the Fund’s digital solutions, particularly the Member App which continues to be a popular addition.
We’re here for members and are committed to providing exceptional service. It’s a commitment that is reflected by high ratings in member satisfaction surveys, conducted by external researchers. Maritime Super’s results on service attributes and member satisfaction excel compared to other retail and industry super funds, with scores well above the average – something we take great pride in.
We were pleased to once again attend and support the MUA’s National Quadrennial Conference in March, providing us with the opportunity to meet with and understand the developments and challenges facing the maritime industry, and in turn our members.
As always, we’re passionate about promoting the health and wellbeing of members, and proudly support Hunterlink Recovery Services who do such an incredible job helping members and their families through difficult times.
On behalf of the Board, management and staff at Maritime Super, thank you for your continued support.
We remain committed to our goal of helping members make the very most of their super.