The superannuation administration sector appears to be reshaping itself following Mercer’s acquisition of Pillar Administration and with at least three funds reviewing their administration needs.
In the same week that former Financial Planning Association (FPA) chief executive, Jo-Anne Bloch returned from Mercer in the US to run the Pillar Administration business as Mercer Wollongong, Super Review understands that three super funds have taken their administration needs to market – TWUsuper, EISS Super, and Energy Super.
The three tender processes will be viewed as a test of market sentiment towards the former Pillar business and the Link Market Services-owned, Australian Administration Services (AAS).
TWU Super is currently using AAS, as is EISS while Energy Super is using Independent Fund Administrators and Advisers (IFAA).
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.