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Mercer wins defined benefit admin mandate
Commonwealth Bank Group Super (CBGS) has appointed Mercer to provide defined benefit (DB) administration and member services.
CBGS chief executive Doug Carmichael said his fund was looking for a specialist DB administration provider that was looking to invest in developing future capabilities.
"Mercer has a strong and sustainable business model and were able to articulate the best plan and ongoing commitment to our DB business," said Carmichael.
"Their recent experience with large-scale complex transitions gave us confidence in Mercer's ability to manage a change of this magnitude," he added.
Mercer managing director and market leader for the Pacific, David Anderson, said 50 per cent of Mercer's administration clients have a DB component "covering hundreds of benefit categories".
"While the industry's current focus is on complying with the myriad of superannuation reforms presently underway, as it should be, the complexity of DB funds and the needs of their members and employers must be remembered and well represented," said Anderson.
Mercer has helped Equipsuper, NGS Super, Media Super and the ANZ Staff Superannuation Scheme transition from their former administrators over the last three years.
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