Tower scores Telstra mandate

Just weeks after announcing a significant turnaround in financial performance, Tower Australia has secured the group life and group income protection insurance mandate for Telstra Super.

Telstra is Australia’s largest remaining stand-alone corporate superannuation fund with 76,000 members and around $7 billion in funds under management.

The mandate has been announced by Tower’s chief executive officer, Risk, David Callender who said it reflected a lot of hard work and effort put in by the Tower team in recent years to position the company for the future.

Confirming the mandate, Telstra Super’s general manager, Member Services, Gordon Williamson said the mandate had been awarded after a competitive tender process which had involved submissions from a range of Australia’s top life insurance companies.

“This was an extremely competitive process reflecting he significance of the Telstra superannuation business in today’s market place,” he said.

Williamson said the level of submissions from all the firms competing for the mandate had been high but that Tower had been chosen because of overall ability to meet Telstra Super’s needs in all key areas.