The government has started the tender process for the outsourcing of the administration of the $2 billion Public Sector Superannuation Accumulation Plan (PSSap).
The request for tender opened yesterday and will close on 17 January 2011, according to documents filed on Austender.
The contract is initially for a period of three years, but can be extended by another three years.
The Department of Finance and Deregulation announced in November last year that it would outsource the administration, which is currently provided by ComSuper, after a review of the administration arrangements relating to the main civilian and military schemes, including long-term IT requirements for administration of the schemes.
The review, which was conducted by PricewaterhouseCoopers, found the PSSap administration could be delivered more cost effectively by accessing the available competitive market.
The outsourcing of the administration services, which is scheduled to start on 1 July next year, is expected to lead to cost savings of $5 million annually.
SuperRatings and KPMG will advise the department on the selection of a new administration services provider.
The Australian Reward Investment Alliance will remain the trustee of the fund.
