Free superannuation apps are now available on the iTunes store, courtesy of Rice Warner Actuaries.
Rice Warner has launched a suite of superannuation apps, SuperCalc, which are claimed to be Australia’s first genuine super applications on the market.
The apps, developed in-house, are part of Rice Warner’s online tools – which include four applications – two of which can be bought through iTunes. “We’ve been doing online tools for a long time, [and] this is the next exciting development,” said Rice Warner senior consultant, Greg Wilkinson (pictured).
The newest app, the “working retirement calculator” is the flagship application for the suite, as its most useful for super members, he said.
The calculator would project contributions into the user’s super account, including any benefits, against a selected retirement date with the result being a guide to the user’s super balance at retirement, explained Wilkinson.
“Then it says if you draw so much a year in retirement [and] it will last for this length of time,” he added.
Once the estimation has been calculated, users of the app are able to select the “What If?” scenario, which allowed them to change their details to gain an idea of how their super account would look if, for example, they chose to contribute more, or retired at a different time.
The app also had a “Next Steps” selection, which would put the user directly into contact with their superannuation fund either through a call centre or financial advisor.
“It’s the whole thing about getting them engaged, a call to action. It’s all to make it easier for the member,” said Wilkinson.
The calculator is aimed at superannuation funds, with the option for funds to customise the app to the fund’s business preferences and the fund’s marketing colours before passing the app onto members.
“The key thing about the app is that you can put it on your iPhone, you can put it on your iPad. It’s current, it’s there. Our view is that it helps member engagement. It’s fun to use, it’s easy to access,” said Wilkinson.
Alongside the working retirement calculator available on iTunes is the mortgage calculator. The other two in-house apps are an insurance-needs calculator and a salary sacrifice calculator.