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Funds test administration market
The superannuation administration sector appears to be reshaping itself following Mercer’s acquisition of Pillar Administration and with at least three funds reviewing their administration needs.
In the same week that former Financial Planning Association (FPA) chief executive, Jo-Anne Bloch returned from Mercer in the US to run the Pillar Administration business as Mercer Wollongong, Super Review understands that three super funds have taken their administration needs to market – TWUsuper, EISS Super, and Energy Super.
The three tender processes will be viewed as a test of market sentiment towards the former Pillar business and the Link Market Services-owned, Australian Administration Services (AAS).
TWU Super is currently using AAS, as is EISS while Energy Super is using Independent Fund Administrators and Advisers (IFAA).
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The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
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