NGS Super has tapped Grow Inc as its new outsourced administrator, with a sharpened focus on more tailored and digital member experiences.
It followed a review of the fund’s administration operating model that began in February 2023.
The shift to Grow is expected to completed in the last quarter of 2024 and deliver reduced costs and efficiencies and more personalised digital experiences, including a mobile app the fund intends to develop.
“We want growth, but we’re looking for the right kind of growth – steady and stable – so we can continue to do what we are doing right now as the sole remaining niche fund for education professionals. We’re confident working with GROW as our outsourced administrator will give us the flexibility and agility to respond to the needs of employers and members,” said NGS chief executive Natalie Previtera.
Prior to this, a significant proportion of NGS’ administration model was outsourced to Mercer since 2009.
According to Previtera, it was timely for the fund to plan for a more tailored and sustainable model, given numerous developments in the administration and fund landscape in the last few years.
“Customer expectations are changing at an increasing pace and the super industry isn’t immune to this. Increased and enhanced digital customer experience models and capabilities are required to remain relevant, competitive and accessible to members,” she said.
“Being a small fund, our ability to be agile and understand the needs of education professionals is what’s important. And that goes to so many elements like our culture, the way we structure work, and the partnerships we choose with like-minded suppliers.”
She highlighted the fund’s plans to develop a new online portal for members and a responsive mobile app to improve their digital experience.
“We’d like to acknowledge our partnership with Mercer and thank them for their professionalism and hard work,” Previtera said.
In July last year, HESTA also announced it would be partnering with Grow Inc for administration services, after more than a decade with Link Group.
The transition was also expected to take place towards the end of 2024.
“The Grow Inc. platform is expected to help us improve member experiences, data management and provide us the flexibility to innovate at greater pace and more efficiently,” said HESTA CEO Debby Blakey.
“That’s going to help our members face the future with confidence and support a seamless super experience for our partners.”
She added that the superannuation industry is facing a rapidly changing technology landscape in the years ahead, pushing funds to build its data, technology, and digital capabilities.
“This partnership with Grow Inc. represents an exciting new chapter in our development as a data and technology-driven organisation,” Blakey said.
