CARE Super, which has assets of around $1.35 billion and 180,000 members, has become the latest industry fund to develop a corporate product to capture some of the funds considering the outsourcing route.
CARE Super CEO Julie Lander says the fund has already started participating in tenders with this product even though it has not yet been launched. It will offer a tailored solution with co-branding and enhanced insurance coverage.
She says it will be similar to REST’s Acumen offering, with CARE Super remaining its trustee. It will also target a broad range of corporates, “to capture not only those in administration and service, but also professional and management firms”.
Meanwhile, the $17 million Shipping and Travel Officers Productivity Superannuation Fund (STOPS) has announced that it will transfer into CARE Super this month.
STOPS chairman Bob Crabb explains: “Remaining competitive in the market place became difficult, mainly due to increasing compliance demands. Being a small fund, we don’t have the cost advantages that larger funds have through economies of scale. The cost of running STOPS had increased to a level we didn’t believe could justify additional fees to members.”
