The new approach draws together aspects of wellbeing, including financial, health, family, community, workplace and values, the company said in a statement.
The program will also see the launch of Wealth Review, a digital tool that will allow Australians to get an overall view of their financial affairs. It will also incorporate BT’s lifestyle programs, which help members become “financially organised”, the statement said.
BT general manager of superannuation Melinda Howes said: “Over the coming months, we will be making further announcements on partnerships that will grow and extend this new approach to super.”
She added: “Our intention is to take super in a new direction, to change how Australians feel about their super from something a long way in the future to something that benefits them now.”
BT added that pairing superannuation with wellbeing services has been proven to provide Australians with better financial outcomes.
“Super provides for our future wellbeing and this is very powerful when aligned with initiatives that address our current wellbeing, including physical and mental health,” Ms Howes said.
“Companies want fitter, happier and more engaged employees. Many of our super members also want to be healthier, more balanced and need help sorting out their finances.”
Thanks for your interest in and comments on our Wellbeing program were very excited about it! We have considered carefully the sole purpose test in putting this program together. Westpac has what we consider the countrys leading Wellbeing program for our 40,000+ staff. What we are doing is leveraging access to Westpacs wellbeing program partners, so that companies who have their staff super with us can use those services as well. This cost would be paid for by the company so this is not a breach of the sole purpose test.
She added: “Our intention is to take super in a new direction, to change how Australians feel about their super from something a long way in the future to something that benefits them now.”
Will need to be funded from outside of the super environment otherwise expect issues.
We all know that people need to be incentivised with ‘benefits now’ to achieve this better health outcome.
Ms Howes and Westpac Wealth Management must be congratulated on a “holistic” approach to Superannuation.
The sole purpose test is to provide a benefit in retirement. If you are healthier at 65 years of age, you may draw down (commute)less in times of sickness.
Kind regards,
Adrian Totolos.
Business Analyst.
Sole purpose being to compete with AIA and MLC’s well-being programs!
Sole purpose test anyone?