ING super fund Living Super is understood to be working with fintech Superhero Super as it transfers members into OneSuper.
It was announced last month that the $3 billion Living Super will transfer via successor fund transfer into OneSuper later this year.
Super Review understands the fund is also working closely with Superhero to deliver additional benefits to members. This will include a new web portal and mobile app to improve the member experience.
John Winters, chief executive of Superhero, said: “We are very pleased that Superhero will be supporting ING to deliver additional benefits and better outcomes for members of ING Living Super.
“Over coming months, Superhero will work with ING to transform the member experience for ING Living Super’s 40,000-plus members leveraging our market-leading infrastructure.”
As well as the deal with ING, Diversa Trustees will be transferring all 15,000 members of Smartsave to Superhero Super from 1 December 2023 via an intra-fund transfer.
Like Superhero Super and Living Super, corporate super fund Smartsave is also part of OneSuper and has Diversa as its trustee.
Smartsuper said: “This decision has been arrived at following a thorough evaluation of Smartsave, which considered its features, financial interests and the likely objectives, financial situation, and needs of all members.
“Superhero Super offers a range of equivalent features as well as a range of enhanced benefits to what you currently enjoy as a member of Smartsave. As a result of the intra-fund transfer, there may be changes including enhancements to your account investments as well as changes or reductions to your fees.”
Its High Growth option failed the APRA performance test for the first time in 2023 and the fund noted the risk of failing for a second time was also a factor behind the decision as it considered its scale.
“In recent years, there has been a substantial increase in regulatory changes introduced by both the federal government and regulatory bodies. These changes have significantly raised the complexity and cost of administering superannuation funds, potentially leading to poor outcomes for members in cases where there is not sufficient scale,” it said.
Winters said: “Welcoming an additional 15,000 members to Superhero Super is a great milestone for our business and is a testament to our partners, people and proprietary technology infrastructure.
“Leveraging Mercer’s global reach and Diversa’s local super experience places Superhero in a formidable position to continue our rapid expansion and focus on driving better member outcomes.”
