Equip has consolidated its accumulation divisions into MyFuture, with a merger between the former Equip Express (corporate) and Equip Personal.
The structural change to the fund’s accumulation membership would make Equip much more portable and user-friendly for members throughout their lives, said Geoff Brooks, executive officer, strategic marketing and communications at Equip.
The launch of Equip MyFuture eliminates the practice of transferring members from Equip corporate to personal accounts with all the paperwork associated with it, which the fund predicts will most benefit members who change jobs.
Fund communications will be positioning and delivering Equip MyFuture as a brand new member experience over the next few months.
“A product rebrand is meaningless if there is not a substantially improved or different value proposition underpinning it. We wanted to be sure that Equip MyFuture would not simply be a rebadged accumulation division, but enable a transformational change in member experience over a lifetime,” said Brooks in a statement.
“Projects across the entire business were planned to ensure the introduction and positioning of Equip MyFuture coincided with many underlying improvements.
“These included the consolidation of the two accumulation divisions and streamlined administration processes, the launch of the Equip MyMoney robo investment advisor service and a new mobile-first designed website and repackaged group insurance.”
He added the Equip MyFuture branding complemented a series of Equip product developments over the past two years, including:
- Equip MySuper – Introduced as the fund’s new default investment option built around a liability-driven investment approach
- Equip MyPension – A retirement income solution incorporating automatic annual investment rebalancing
- Equip MyMoney – The fund’s robo investment advice service developed in partnership with Melbourne-based start-up, Clover.com.au.
“Our brand family talks to prospective as well as existing members,” Brooks said. “It is designed to make it easy to identify and articulate the comprehensive features and benefits that position Equip [as] one of the most attractive super funds in Australia to belong to.”