UniSuper will switch from Hannover Re Life Australasia to TAL Life Limited for its group insurance arrangements following its regular three-year tender process.
The appointment was the result of the fund's regular review and would come into play at the end of November, TAL executive manager, member and employer solutions, Chris Davies said.
"TAL was the stand-out tenderer due to their willingness to design an optimal solution for UniSuper and ultimately, our members," he said.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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