The Timber Industry Superannuation Scheme (TISS) has severed ties with its long time administrator JMIFA, favouring instead Super Benefits Administration (SBA).
TISS CEO David Goodear says his fund chose the smaller administrator SBA after six months of evaluation from four short listed candidates.
“We saw the aims of JMIFA going in different directions to ours, and the ability to have more input and direction in our administration was very attractive,” he says.
The decision by TISS, a $250 million, 31,000 member strong super fund, took effect last month and is significant because it was a founding member of JMIFA and a client for 14 years.
TISS has also recently started reviewing its $69 million Australian equities portfolio, managed by ING, and its $45 million in overseas shares handled by Scudder.
Goodear says the investment review will help TISS maintain its 11-year performance record of returning 10.5 per cent per annum to members. A decision on the fund’s investment manager line-up is expected by the end of this month.
