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Energy Super merger official
A merger between energy industry super funds ESI Super and SPEC Super is now official, although the merged entity still has some loose ends to tie up in terms of its administrative and insurance.
The merged fund, Energy Super, has more than 45,000 members and $3.8 billion in funds under management, and is open to the general public despite retaining a focus on the energy industry, the fund stated.
Energy Super’s front-end member services will be delivered by former ESI Super staff who were responsible for ESI’s self-administered service model. These services include investment management, a contact centre, financial advice, member education, business development and marketing and communication services, the fund stated.
The back-office administration will be run by IFAA, which serviced SPEC prior to the merger. The fund is still undergoing a process of migrating all member information to the new platform, which Energy Super chairman Bob Henricks said should be finished by the end of this week.
The merged fund would be using JANA as asset consultants with that deal now locked in, and would be using AIP for income protection, with former ESI members in particular likely to benefit from improved definitions, Henricks said.
An arrangement for a general insurer was next on the agenda once the administrative process had been completed, he added.
The official launch was the result of more than nine months of intensive planning, Henricks said.
“Energy Super is keen to deliver a number of new initiatives, from enhanced online financial education for our members, through to a new Energy Rewards member discount program,” he said.
The Energy Super board features all 12 directors from both ESI Super and SPEC Super, including chairman Bob Henricks, and will remain in place for the first 12 months of the merged entity, the fund stated.
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