The Australian Institute of Superannuation Trustees (AIST) and First Nations Foundation have announced a new partnership to support Indigenous superannuation outcomes.
First Nations Foundation is a not-for-profit which acts as a “bridge between Indigenous Australians and the financial services sector”. CEO Amanda Young said the partnership would help the organisation meet its goal of delivering eight events around Australia over the next three years.
“AIST is leading the industry into initiatives that work and by being non-exclusive in our sponsorship, they will pave the way for interested trustees to engage with the Australian Indigenous community.”
AIST CEO Tom Garcia said the partnership is a “positive step” towards achieving better retirement outcomes for Indigenous Australians.
“This new partnership is in line with our commitment to reconciliation and our mission to provide a better retirement outcome for all Australians.”
“It will also assist First Australians in their journey to economic freedom, the vision of the First Nations Foundation.”
“Despite more than 25 years of compulsory superannuation, Aboriginal and Torres Strait Islander people have poorer superannuation outcomes than non- Indigenous Australians – including significantly lower balances at retirement.”
As part of the partnership speakers at AIST events will be thanked with a donation to First Nations Foundation on their behalf. These donations will go towards supporting Big Koori Super Day Out, an “Indigenous community event to help find lost super, consolidate accounts, and educate around the benefits of superannuation.”
“The event provides a safe space for First Australians to talk about super with volunteer superannuation professionals,” said Ms Young.
“One community member at the inaugural event in Redfern found $750,000 in a defined benefit account he never knew existed.”
“The Big Koori Super Day Out has been a big success in the past and AIST look forward to contributing,” said Mr Garcia.
“This builds on our ongoing work in the Indigenous super area, including the Indigenous Superannuation Working Group, Indigenous Super Summit and our Reconciliation Action Plan.”
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