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Russell joins rollover hub
Russell Investments has joined the Industry Funds Forum (IFF) eRollover Hub to improve its back office efficiency in preparation for the SuperStream regulations.
Russell is the first non-industry fund to join IFF eRollover Hub. The system is a collaboration of seven industry super funds, and was designed by IFF and Cuscal to reduce the cost of rollovers and increase the level of service to members.
To date, IFF eRollover Hub has successfully transacted over 1,200 rollovers to the value of $12 million. The Hub utilises ClickSuper technology.
Russell director administration and actuarial Siva Sivakumaran said that the system significantly reduced the amount of time investors' money was out of the market.
"We were looking for a solution that would help us improve our member service, by accelerating the movement of superannuation money and by offering visibility as the payment progresses," he said.
He added that by being an early adopter of the software, Russell would "come into line with the Federal Government's Stronger Super considerations, by improving our back-end process".
IFF eRollover steering committee chair and Vision Super chief executive Peter Rowe said Russell was the first non-industry super fund to join the Hub.
"We are setting a pace for the industry to follow in terms of using the industry's first operable, eCommerce rollover solution - that being ClickSuper," Rowe said.
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