Local Government Super (LGS) has appointed Link Super as the fund’s administration provider.
LGS made the appointment after a tender process, and its board confirmed the appointment at a meeting in Sydney last week.
The four-and-a-half year administration agreement will start in 1 July 2014 subject to the usual reviews and due diligence.
The appointment comes after Link Super’s parent company The Link Group’s acquisition of FuturePlus Financial Services in December 2012.
LGS CEO Peter Lambert said the strong competition for the appointment showed the growing capability in the administration sector.
“Two particularly strong contenders emerged from the tender process - Mercer and Link Super,” he said.
“We believe that with Link Super we have arrived at the best solution, one that enables the continued focus on returns for members while delivering seamless and cost-effective administration services.”
Rice Warner provided consultancy services to LGS during the tender process.
Link Group managing director John McMurtie said Link Super and LGS have strong mutual understandings and shared values and welcomed its reappointment.
The merger, first announced in December 2022, was due to be completed in mid-2024.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
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