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LGsuper adds to investment options post-merger
As the LGsuper-City Super merger comes into effect, the combined fund is now offering members more options and greater flexibility to mix and match investments.
Chief executive David Todd said that since the official merger on 1 July, there had been many product improvements to give members the best of both funds.
Some of the changes to products had been the introduction of single asset class investment options and two socially responsible investment options, as well as greater flexibility to mix and match investment options.
The fund has also introduced eight additional free investment switches per financial year, as well as new binding death benefit nominations.
Todd said the investment strategy remains largely unaltered as Towers Watson was the asset consultant to both funds, however some City Super mandates have been terminated, while others have been carried over to the merged fund.
Reductions in administration and investment management costs are also expected to be passed on to members from the start of the merger, he said.
The fund is continuing to work through the transition period up to September 2011 to bring City Super’s administration in house. Once complete, LGsuper will turn its focus to reviewing and consolidating the separate insurance arrangements in early 2012.
AUTHOR
Ashleigh McIntyre
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