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CSR corporate super fund looks to outsource
The default fund for CSR employees, Harwood Superannuation Fund, plans to outsource its accumulation assets through a tender process.
The 13,500 member-strong fund also serves as the default fund for employees of Holcim Australia and Wilmar Sugar and represents one of the last major corporate funds to outsource its accumulation-based benefits.
The in-principle decision to transfer the benefits of the fund follows discussions with the plan’s employers.
Deloitte has been approached to support the preparation of Request for Proposal documents to a range of industry and master trust funds.
However, long-standing fund chair, Warren Gray, said it is not a done deal and is subject to many stringent conditions.
“Our main concern, as trustee, is to obtain the best result for all members of the fund,” he said.
“If a suitable fund or fund cannot be identified, then the transfer will not proceed.”
The tender process is planned to happen over the course of the year, with any transfer occurring in the first half of 2014.
Harwood Super is a not-for-profit, non-public offer fund which has assets under management of approximately $1.4 billion.
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