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Health Super transfers to Pillar
Health Super and First State Super have married the fund's members under the one administration system, with Health Super's 200,000 members transferring onto the Pillar administration system last week.
The move will allow benefits of scale to accrue to all members of the merged funds, First State Super chief executive Michael Dwyer said.
He said combining the funds administration services allowed an increase in the depth of the staff pool that equipped the fund to deal with activity peaks.
"As a professional administration company, Pillar has many more tools in their kit bag and these can be brought to bear on the provision of service to members," he said.
The Pillar administration system facilitates daily unit pricing which was unavailable through Health Super's internal administration system and provides greater transparency for members, Dwyer said.
He said members could switch investment options more frequently and quickly under Pillar.
Additionally, Health Super members could select more than one investment option for a single account; select which investment options payments are made from (for pension accounts); and had access to greater information and transactions online, according to Dwyer.
Health Super and First State Super merged on 30 June 2011. Twelve months of preparing for the transfer included combining the funds' products, services and investment options.
"Mergers which are able to bring together like-minded superannuation partners focused on delivering the best outcome for members will be best placed to use their great size to achieve the very best products and services for members and employers," he said.
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