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LGIAsuper becomes public offer fund
LGIAsuper has become a public offer fund following legislation introduced by the Queensland Government, allowing family and friends of members and others in their communities to join the fund.
LGIAsuper said obtaining a license to become an inclusive and open fund would position the fund for growth, and enables the fund to remain the default fund for Queensland local government employees.
The fund's chair, Bronwyn Morris, said more than half of the fund's members no longer worked for Queensland local government but chose to stay with the fund when they changed jobs or left employment.
LGIAsuper chief executive, David Todd, said the change would give the fund the opportunity to broaden its connections.
"By broadening our reach to new members in communities everywhere, changing our name and partnering with reigning National Rugby League Premiers the North Queensland Cowboys — through which we have increasingly strengthened our community connections — we are taking the necessary steps to position ourselves for the growth opportunities ahead," he said.
LGIAsuper looks after almost $9.5 billion in retirement savings for around 90,000 members. It changed its name from LGsuper in February.
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