Tower Life Limited has lost a key superannuation fund insurance mandate, with the decision by Asset Super to move its business to MLC.
Asset Super’s decision to switch to MLC followed a tender process held earlier this year, with the fund’s general manager John Paul saying the review had coincided with the end of a three-year contract with Tower, and the fund’s requirements under its uthorityAustralian Prudential Regulatory A licensing arrangements to test the market from time to time.
“The decision to change to MLC was not an easy one, given the length of Asset Super’s relationship with Tower Life and the good service that had been and continues to be provided by them to the fund,” he said. “However, under the competitive tender process, the scale of cover offered by MLC most closely matched our needs.”
The changeover is scheduled to occur on September 1 this year.
