The Australian Government Employees Superannuation Trust (AGEST) is about to undertake the migration of its administration arrangements after severing its long-standing relationship with Superpartners and opting to move to Pillar Administration.
The far-reaching decision was announced by AGEST late yesterday with the fund saying that it had followed a long and comprehensive tender process which had been assisted by research house SuperRatings.
The migration will be the second major industry fund change overseen by Pillar in the past two years.
The migration process is expected to be complex because AGEST has members employed by Commonwealth Government departments and agencies as well as by the ACT Government and the Northern Territory Government.
The fund has 145,000 members, 3,500 employers and more than $1 billion in funds under management.
AGEST chief executive, Michael Seton said the contract with Pillar would begin on January 1, next year.
He said the fund had moved for a change because it believed that as it moved towards public offer status and with a growing membership base it would need to be offer an expanded range of products and services.
“Pillar impressed us with their straightforward and flexible approach to fund administration issues and the trustee is looking forward to a long and rewarding relationship,” Seton said.
