Strong support for more competition in super admin sector

22 November 2016
| By Mike |
image
image
expand image

Just weeks out from the Australian Competition and Consumer Commission (ACCC) making its final decision around those eligible to bid for Pillar Administration, a new survey has revealed overwhelming support for more competition in the superannuation administration sector.

The survey, conducted by Super Review during the recent Association of Superannuation Funds of Australia (ASFA) conference, noted that the outsourced administration service provider market was very concentrated with limited choice and asked how important respondents believe it was for new providers to enter the market.

The survey found that nearly half of all respondents (48.9 per cent) believed it was very important, while a further 49.2 per cent believed it would be useful, while only 6.3 per cent believed it was unimportant.

The survey findings come as the ACCC considers whether Link Market Services should be allowed to bid for Pillar which is being sold by the NSW Government subject to a number of conditions.

The ACCC has already issued a preliminary opinion indicating that it believes Link has already achieved a dominant market position but subject to further representations on the issue.

In the absence of Link being permitted to bid for Pillar, the likely contenders are Mercer and private equity interests.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

7 hours 49 minutes ago

Super funds had a “tremendous month” in November, according to new data....

4 days 6 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 11 hours ago