The Western Australian State Government has signalled its intention to outsource administration for the Government Employees Superannuation Board (GESB), calling for expressions of interest in June this year.
The decision follows the implementation of changes suggested in the Whitlear Review, allowing public servants who were previously defaulted to GESB the option to choose their super fund from 30 March 2012.
WA Treasurer Christian Porter said these "choice" reforms would reduce GESB's economies of scale and push member fees up.
Porter said that consequently, the superannuation fund would be following the lead of other super funds that outsource administration services to lower member fees and focus on superannuation reforms and other challenges.
He said it was expected the offer would appeal to the market and result in better long-term outcomes for existing members and future state employees.
GESB's administration services will go to tender in June this year with a view to transitioning to the new provider halfway through 2013.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Add new comment