Coles Myerhas decided to outsource its 14,700 member superannuation fund to theMercerSuperannuation Trust, while incumbent investment adviser InTech Financial Services will get the added role of managing the fund’s $900 million in assets.
The decision to outsource follows a three month tender process facilitated byChant West Financial Services.
Coles Myer says the move will make its super fund more competitive and will improve services for members.
“We determined in the review that we had to deliver a significant improvement in services and yet still be cost effective for members,” Coles Myer group general manager of human resources Ian Clubb says.
Mercer will provide services currently undertaken in house by Coles Myer, including trusteeship, administration, member support and communications. The new administrators will also provide education and access to personal financial planning services.
The fund will still be watched over by a Coles Myer policy committee which will oversee the direction of Coles Myer’s super arrangements as well as monitoring the performance of Mercer and InTech.
InTech will manage the fund’s $900 million in assets in its multi-manager trusts.
