POWERED BY MOMENTUM MEDIA
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.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
