Provided by Mercer: 31/1/08
AustralianSuper has appointed Mercer as administrator for its Corporate Division.
After an extensive review AustralianSuper, one of the country’s largest superannuation funds, has appointed Mercer, a market leader in superannuation administrative services, as its specialist service provider for its Corporate Division.
Mercer will provide administration, call centre and online services as well as phone-based financial advice to AustralianSuper’s Corporate Division clients and members.
AustralianSuper’s Corporate Division currently has over $1.6 billion of funds under administration.
AustralianSuper’s Chief Executive, Ian Silk, said “We have engaged in an exhaustive tendering process that has provided us with important insights.
“Mercer presented as the superior provider particularly in relation to corporate fund administration. This was particularly apparent in relation to Mercer’s capacity to accommodate complex plans with a defined benefit component.
“Employers, members and related service providers like fund actuaries will all have a superior experience of AustralianSuper Corporate as a result of this change,” Mr Silk said.
In announcing the arrangement Mercer’s Outsourcing Business Leader for Asia Pacific, David Anderson, said it will position AustralianSuper as a leading superannuation solution for Australian employers wishing to outsource their corporate super.
“Mercer brings to the table a truly integrated corporate superannuation service platform and a proven local and global commitment to outsourcing services.
“From our point of view AustralianSuper will gain immediate access to our leading service platform and ongoing investment in innovation while Mercer will gain the premier industry plan as one of our largest outsourcing clients locally,” he said.
Commenting on the significance of the partnership for the industry, Anderson said choice of fund and trustee licensing have had aftershocks that continue to be felt right through the Australian superannuation industry. “Employers and fund trustees are seeking both an economic and high quality outsourcing solution that not only reduces their administrative and regulatory burden but also improves the service experience and retirement outcomes for members.
“We are now seeing a new wave of outsourcing in the superannuation industry. Larger superannuation plans, and some established providers, have realised the complexity of complying with obligations can be handled more efficiently with better service outcomes for their organisation and for members. “The bar is again being raised on innovation and efficiency in the delivery of superannuation products and services in Australia. Only a small number of providers have the scale, expertise and commitment to lead the way forward. “Our partnership with AustralianSuper will continually demand us to be more innovative and efficient. We openly embrace the challenge which will benefit AustralianSuper and our other valued clients,” Mr Anderson said.
The announcement coincides with the creation of AustralianSuper’s corporate division’s new generic and tailored products.
“These products are designed to provide greater choice for potential clients and our decision to engage Mercer underlies our ongoing commitment to improve the service for our members and employers including those in our corporate division,” Mr Silk added
In announcing the new arrangement Mr Silk confirmed that it covered only the Corporate Division administration for AustralianSuper. All other divisions of the Fund continue to be administered by long-term provider Superpartners.
More information
For more information, contact:
Mercer:
Libby Woolnough
Media & Communications
PH: 03 9623 5631 / 0406 753 351
Australian Super:
Ian Silk
Chief Executive
0414 690 110
About AustralianSuper
AustralianSuper, one of Australia's largest superannuation funds with more than 1.3 million members, was created on 1 July 2006 through the merger of Australian Retirement Fund (ARF) and Superannuation Trust of Australia (STA). AustralianSuper is a multi-industry fund, which means it takes care of members’ superannuation from a diverse range of industries. For more information visit australiansuper.com
About Mercer
Mercer is a leading global provider of consulting, outsourcing and investment services. Mercer works with clients to solve their most complex employee benefit and human capital issues, designing and helping manage health, retirement and other benefits. It is a local and global leader in benefit outsourcing. Mercer’s investment services include investment consulting and multi-manager investment management. Mercer’s 17,000 employees are based in more than 40 countries. The company is a wholly owned subsidiary of Marsh & McLennan Companies, Inc. which lists its stock (ticker symbol: MMC) on the New York, Chicago and London stock exchanges. For more information visit mercer.com
In Australia, Mercer’s outsourcing services include an integrated service platform for 320 superannuation plans, 550,000 members and private clients with $34 billion in assets under administration.
This information has been prepared by Mercer (Australia) Pty Ltd ABN 32 005 315 917 for general information only. The information does not take into account your personal objectives, financial situation or needs. Therefore, you should not act on this information if you have not considered the appropriateness of this information to your personal objectives, financial situation and needs. You should consult a licensed or appropriately authorised financial adviser before making any investment decision.
