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NGS Super gets top report card
NGS Super has gone a step further than most funds to reassure its members that they are in good hands despite the global financial crisis by commissioning a financial condition report.
The report, undertaken by Mercer, will be made available to members and represents the first time such an exercise has been commission by a standalone superannuation fund.
Commenting on the move, NGS Super chief executive Anthony Rodwell-Ball said the financial condition review was normally a process pursued in the insurance sector.
“In undertaking this task, the NGS Super board was keen to follow ‘best practice’ governance from another sector of the financial services industry,” he said.
Rodwell-Ball said he believed the exercise would provide an additional level of comfort in a period of significant investment challenge, when perceptions in the market generally have been that superannuation has in some way failed.
He said the Mercer report had found the fund to be in a sound financial condition with appropriate levels of reserves, an appropriate risk management plan and procedures and a sufficient level of liquidity to withstand most adverse movements in investment markets and/or fund cash flows.
Rodwell-Ball said the report also determined that NGS Super had a unit pricing process that met industry standards and appropriately accounted for asset valuation and tax liabilities.
AUTHOR
Mike Taylor
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