WA Super has switched SuperStream providers from ClickSuper to SuperChoice, which will take over clearing house and gateway services effective this month.
This was the third large super fund to make the move to SuperChoice in the past two months, the company said.
“Following a rigorous tender price, we chose the organisation that best integrated with our core member platform,” Paul Owen, WA Super general manager client services, said.
“We’re looking forward to a long-term partnership with SuperChoice that helps us to deliver on our purpose of helping members achieve their retirement dream.”
SuperChoice invested $25 million in its platform capability over the last five years, embedding new requirements from the Australian Taxation Office (ATO), which paid off with the new clients that have come on board.
SuperChoice CEO Stuart Korchinski believed the investment meant the platform could now quickly be leveraged by clients as they sourced new functionality and data that had historically not been available to them or their customers.
“Our clients rely on us to do the groundwork for them, developing solutions that keep them compliant, suit their business and are ready to go when they need to,” he said.
“The SuperChoice Single Touch Payroll (STP) solution is a great example – it’s ready to go live, well ahead of the ATO start date (1 July, 2018) and has stood up to robust testing as part of the ATO’s STP working group.”
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.