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Trustees warned not to outsource responsibility
Superannuation trustees who outsource their system operations to a provider must ensure that they maintain control of the design of the system, according to the chief executive of Sunsuper, Tony Lally.
Speaking at the Association of Superannuation Funds of Australia conference, Lally said that super trustees needed to maintain control over the design and construction of an operating system, rather than leaving it to a service provider.
"The trustee has to design the system, and the outsourcer must build and deliver it," Lally said.
Different cultures and drivers between super trustees and service providers, as well as multiple client conflicts, could create tension between the two businesses that could outweigh the benefits of outsourcing system operations, he said.
Partner at PricewaterhouseCoopers David Coogan said that trustees would not be able to monitor external administrators on an ongoing basis if they outsourced their operations.
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