Primary Superannuation Services will replace Tower Life as the administration provider following the merger of the Australian Enterprise Super Fund (AES) with the Professional Associations Superannuation Fund (PASF).
In March AES transferred $93 million in superannuation balances to PASF under a successor fund transfer arrangement.
Tower Life had provided AES with investment, insurance and administration services. After the transfer, PASF decided to retain the investment and insurance services under Tower Life. Administration, however, will be provided by PASF's existing provider, Primary Superannuation Services.
"The merger is in the best interest of our members. Administration fees will be substantially reduced and our members will enjoy more benefits along with the spectrum of savings a movement to a fund this size will bring," AES chief executive Chris Hoey said.
PASF manages over $1.1 billion in funds under management.
