AMP Limited has lost one of its largest corporate superannuation mandates, Australia Post Superannuation, to AustralianSuper.
Money Management has confirmed that the mandate, which was under threat following revelations during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, has gone to AustralianSuper following a lengthy review.
The Australia Post Super mandate was regarded as being at serious risk following statements by the major unions associated with the fund, particularly the CEPU.
The union has now told its members that Australian Super has been selected as the new default superannuation fund provider for new employees who are ineligible to join the APSS and have not nominated another fund.
"Both Australian Super and AMP will contact you shortly with further information and will keep you up-to-date with progress of the transition," it said.
An AMP spokesperson confirmed the loss of the mandate and noted that "Workplace Super clients periodically review and sometimes change their service arrangements, which is a process we support".
"In the past 12 months, AMP has continued to win new mandates while growing some existing mandates, due to the strength of our offer," the spokesperson said.