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Brighter Super to welcome 68k new members
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
A spokesperson from Brighter Super has confirmed the addition of approximately 68,000 new members, increasing the fund’s total membership to around 348,000 following the addition of Zurich’s OneCare Super policyholders.
According to Brighter Super, the transfer will enable members to continue to access risk-only insurance benefits through superannuation, including death, disability, and income protection.
Meanwhile, Zurich, under the OnePath brand, will continue to deliver insurance cover, the fund confirmed.
“Brighter Super has a strong track record in supporting insurance-only super structures and brings deep expertise to this partnership,” the fund’s spokesperson told Super Review. “We remain committed to delivering holistic member outcomes, with a focus on flexibility, choice, and long-term value.”
The fund’s support for risk-only members began with its acquisition of the Suncorp superannuation business, followed by the successor fund transfer (SFT) of Suncorp Portfolio Services Limited in 2023.
Last year, Brighter Super welcomed around 61,000 new members as part of the first SFT of the Zurich plan.
“[W]e are now pleased to welcome these additional members from OnePath Custodians Limited,” the spokesperson said.
“Risk-only products allow us to offer tailored insurance solutions that are not typically available through a group insurance arrangement. While these members do not bring funds under management (FUM), their inclusion contributes to our administration scale, benefiting all members of the fund.”
Brighter Super recently announced that its MySuper option returned 10.89 per cent to members, surpassing its average return for the past three years (10.26 per cent), five years (8.22 per cent), and 10 years (7.23 per cent).
Mark Rider, chief investment officer at Brighter Super, said this was a great result for members given the “volatility the markets have experienced through the year”.
“Brighter Super members have also benefited from their third successive year of administration fee reductions,” Rider added and further stated that the results were underpinned by strong returns in domestic and global equities.
AUTHOR
Adrian Suljanovic
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