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EISS becomes sole owner of FuturePlus
Energy Industry Superannuation Scheme (EISS) has become the sole owner of FuturePlus following the decision not to proceed with a merger with Local Government Super.
The EISS board confirmed this week that it had acquired all the shares in FuturePlus, which it considered an investment that takes advantage of its unique business model.
FuturePlus chief executive Richard Powis said that under the new arrangement the company would be reshaped and positioned in the market as a true third party administrator.
As a result of the arrangement, Local Government Super has in-sourced most of its member focused services including financial planning and has negotiated a four-year contract with FuturePlus for its remaining administration-related services.
AUTHOR
Mike Taylor
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