POWERED BY MOMENTUM MEDIA
LGS sells Futureplus stake and targets staff
|
LGS Super will sell its 50 per cent stake in FuturePlus to co-owner the Energy Industries Superannuation Scheme (EISS) as part of a structural change that also recently saw LGS sell its share in Chifley Financial Services.
LGS is also be looking to acquire FuturePlus services and staff, according to LGS chief executive Peter Lambert.
“We’ve made a decision to insource a number of the services that FuturePlus previously provided to us, and in doing that we’ll be looking to recruit as much as possible through FuturePlus staff,” Lambert said.
LGS is currently in negotiation with FuturePlus to renew its contract for the remaining administrative services.
“This structural change will allow LGS to have a greater focus on our members and allow FuturePlus to focus on providing quality back-office support for our activities,” Lambert said.
One of the planned structural improvements planned for LGS is directly employing their own planners, Lambert said.
“LGS staff have a thorough understanding of the Local Government industry. This single-focus model will improve service levels for our member base,” he said.
The in-principle agreement is still subject to final due diligence.
Recommended for you
“Slow and steady” appears to be the Reserve Bank’s approach to monetary policy as the board continues to hold on to its wait-and-see method.
AFCA’s latest data has shown a decline in complaints relating to superannuation, but there is further work to be done, it has warned super funds.
Limited exposure to fossil fuel companies has positively impacted the performance of Australian Ethical’s balanced and growth funds, the super fund says.
The major bank has announced that real-time super payments will soon be available to all QuickSuper employers ahead of the looming payday super regime.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
