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LGS Super will sell its 50 per cent stake in FuturePlus to co-owner the Energy Industries Superannuation Scheme (EISS) as part of a structural change that also recently saw LGS sell its share in Chifley Financial Services.
LGS is also be looking to acquire FuturePlus services and staff, according to LGS chief executive Peter Lambert.
“We’ve made a decision to insource a number of the services that FuturePlus previously provided to us, and in doing that we’ll be looking to recruit as much as possible through FuturePlus staff,” Lambert said.
LGS is currently in negotiation with FuturePlus to renew its contract for the remaining administrative services.
“This structural change will allow LGS to have a greater focus on our members and allow FuturePlus to focus on providing quality back-office support for our activities,” Lambert said.
One of the planned structural improvements planned for LGS is directly employing their own planners, Lambert said.
“LGS staff have a thorough understanding of the Local Government industry. This single-focus model will improve service levels for our member base,” he said.
The in-principle agreement is still subject to final due diligence.
