Superannuation administrator, Link group has retained a key mandate with legalsuper announcing that it would be extending what has already been a 15-year association with the administration company.
Confirming the move, legalsuper chief executive, Andrew Proebstl said the reappointment had followed a rigorous competitive review which had had covered organisational strength, technology infrastructure, pricing and compliance.
He said the review process had been assisted by consultancy KPMG.
Proebstl said legalsuper had sought expressions of interest from six fund administrators but that it had opted for Link on the basis of new arrangements including daily unit pricing and increased transparency and immediacy around member account updates and transition to a new direct investment platform offered by UBS.
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.