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Pillar and RBA part ways on admin mandate
Pillar Administration has acknowledged that initial moves for it to handle administration for the Reserve Bank of Australia's (RBA's) Officers' Superannuation Fund have been aborted.
Asked to comment on the status of the arrangement, Pillar chief executive Peter Beck said that while the administrator had been actively working with the fund to transition members, a decision had been made not to proceed.
The arrangement would have seen Pillar handling administration for the Officers' Superannuation Fund, Note Printing Australia and some staff of the Australian Prudential Regulation Authority (APRA).
However Beck said that after completing due diligence, Pillar and the RBA had "agreed not to proceed with the outsourcing of RBA's superannuation administration to Pillar".
He said the decision had been taken on the basis of the proposed arrangements not being mutually beneficial.
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