ING has scored another win in the corporate superannuation stakes, with Visy Industries having appointed ING Corporate Super to handle its $200 million corporate fund.
The decision to transfer the Visy Industries fund to ING was announced in early March by the company’s general manager, Human Resources, George Haggar who said it had followed a competitive tender process involving a number of major providers.
He said Visy’s objective was to ensure that the new outsourced arrangements provided its employees with a flexible, cost-effective package that would enhance their retirement benefits.
“ING provided the most appropriate solution to meet Visy’s specific needs in the areas of account management and service, competitive pricing, transition capability and a comprehensive member education program,” Haggar said.
Australian super funds have delivered mixed results in the latest global rankings, with industry funds climbing, while government schemes fell sharply.
The Future Fund posted a $27.4 billion increase in value to $252.3 billion, driven by strong equity markets, resilient private market investments, and strategic portfolio shifts to anticipate changing global trading conditions.
The fund has introduced new portal features for advisers, streamlining administration and enabling quicker, more convenient client authorisations online.
APRA-regulated funds have reportedly raised concerns with the government over Division 296, as news of potential policy tweaks makes headlines.