Local Government authority for the capital of Western Australia, the City of Perth, has awarded the management of its $55 million super fund to AustralianSuper following its decision to outsource the fund's management and put it to tender.
The City of Perth fund which currently comprises 731 members, and is growing, provides a combination of defined benefits and accumulation accounts.
"The ability to keep our own benefit design and retain the current administrator was very attractive to us," City of Perth director of corporate services Robert Mianich said.
"On top of this members will get more services, such as limited advice about super as well as access to educational services for no additional cost."
The scope of the tender covered, investment options and performance, insurance, workplace education, transition skills, product offering, relationship management, online capabilities, communications, overall scale and call centre capacity.
AustralianSuper's strong investment performance, low fees and good reputation were the key factors in the selection, Mianich said.
AustralianSuper chief executive Ian Silk said AustralianSuper was delighted to be chosen by the City of Perth super fund and look forward to delivering more value to members for less cost.
"Fund outsourcing is still an area of significant activity and we are finding many employers are considering a review process to ensure they have made the right choice for their employees," Silk said.
