AMP Limited has lost a key corporate superannuation mandate, with the Anglican National Super Plan moving to Mercer.
Anglican National Super announced at the Synod of the Anglican Diocese of Sydney that it had appointed the Mercer Super Trust to manage its superannuation fund and related member and fund support services.
The move follows AMP’s appearance before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and follows on from a report in Money Management late last month that as many as six AMP corporate superannuation clients were reviewing their arrangements.
The superannuation fund said the appointment follows an extensive assessment process by Anglican National Super and marked a move from its previous long-term provider.
Commenting on the move, Anglican National Super chairman, James Flavin said the appointment reflected Mercer’s expertise in the superannuation sector and ability to deliver a tailored solution to its members that would help them grow and continue to succeed well into the future.
“Our members have been called to works of service across our society and it is an honour to serve these folk as they serve others. I am excited that Anglican National Super is able to partner with Mercer to bring our members the best superannuation offering available to the faith community in Australia,” Flavin said.
Mercer Australia managing director and chief executive Ben Walsh said he was thrilled with the appointment and that the partnership would ensure better outcomes for members through Mercer’s scale and capability.
Anglican National Super will transition its $250 million superannuation fund to the Mercer Super Trust next year.