With tougher regulatory requirements including trustee licensing continuing to play on the minds of superannuation trustees, both the Sydney Turf Club and the Endeavour Foundation have decided to outsource their superannuation arrangements.
News of the Aon win has come at the same time as Watson Wyatt has announced that it has been appointed to provide actuarial and investment consulting services to the four big Smogon Steel superannuation funds which have a combined membership of more than 3,600 and over $210 million in funds under management.
Watson Wyatt were earlier this year appointed as actuaries to the big Woolworths Group Superannuation Scheme.
Both the Sydney Turf Club fund and the Endeavour Foundation fund have opted to fold into the Aon Australia Master Trust and their decision follows that of legal firm Minter Ellison to outsource its $30 million fund to Aon earlier this month.
The Endeavour Foundation fund has 1,800 members with around $30 million in funds under management while the Sydney Turf Club has 100 members with around $10 million in funds under management.
According to Aon Australia’s head of superannuation, Steven Gaffney Aon will be handling superannuation outsourcing, consulting and insurance services for the two funds.
