WA Super has switched SuperStream providers from ClickSuper to SuperChoice, which will take over clearing house and gateway services effective this month.
This was the third large super fund to make the move to SuperChoice in the past two months, the company said.
“Following a rigorous tender price, we chose the organisation that best integrated with our core member platform,” Paul Owen, WA Super general manager client services, said.
“We’re looking forward to a long-term partnership with SuperChoice that helps us to deliver on our purpose of helping members achieve their retirement dream.”
SuperChoice invested $25 million in its platform capability over the last five years, embedding new requirements from the Australian Taxation Office (ATO), which paid off with the new clients that have come on board.
SuperChoice CEO Stuart Korchinski believed the investment meant the platform could now quickly be leveraged by clients as they sourced new functionality and data that had historically not been available to them or their customers.
“Our clients rely on us to do the groundwork for them, developing solutions that keep them compliant, suit their business and are ready to go when they need to,” he said.
“The SuperChoice Single Touch Payroll (STP) solution is a great example – it’s ready to go live, well ahead of the ATO start date (1 July, 2018) and has stood up to robust testing as part of the ATO’s STP working group.”
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.