AMP Limited has received confirmation that it has lost one of its largest corporate superannuation mandates – Australia Post.
Just weeks after receiving news that it had lost the Anglican National Super Plan to Mercer, AMP Limited corporate superannuation executives have been formally informed of the loss of the Australia Post mandate.
AMP Limited had forewarning of the loss of the mandate following the earliest hearing weeks of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services where it faced tough questioning over its attempts to “ring-fence” grandfathered commissions and fees for no service.
At that time, the Australian Council of Trade Unions asked industry superannuation funds to review their relationships with financial institutions and key unions covering workers employed by Australia Post expressed deep concern at what had been revealed before the Royal Commission.
Australia Post has not yet formally announced its choice of a new corporate superannuation provider, but Mercer is understood to have been among the front-runners of those superannuation providers under consideration.
Money Management understands that the boards of at least three other AMP superannuation clients are still considering their positions.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.