Mercer has retained a key superannuation administration mandate – that of industry fund, Media Super.
Media Super is understood to have opted to continue with Mercer as its administrator following a review of its requirements and a receipt of expressions of interest.
It is understood the renewed mandate has been extended to include the Mercer Multi-Manager Funds within Media Super’s International Share investments, valued at $1.25 billion.
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
Add new comment