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New actuary option in SMSF market

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Self-managed super fund (SMSF) administration provider superMate has partnered with Mercer to offer a new actuarial certificate service, as part of its latest roll out of enhancements.

Fund data from superMate clients will be automatically sent to Mercer when a certificate is ordered through its SMSF admin system, reducing administration time for users.

"We want our clients to have a choice between actuaries and a partnership with Mercer is logical as they are the largest employers of superannuation actuaries in Australia," superMate CEO Kurt Groeneveld said.

The automated actuary option is the latest in a range of enhancements to superMate, designed to provide more accurate and updated information to clients.

 In August the SMSF administrative application launched the superMate Omnibroker service that allowed for contract notes for an Australian equities trade to be automatically loaded through the application, regardless of the broking house that executed the trade.

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The latest offering is designed for over 80,000 SMSF members in the pension payment phase, who require an actuarial certificate to determine the proportion of the fund's income that is tax exempt.

Mercer's business alliance with Supercorp, superMate's developer, is expected to result in orders of roughly 10,000 actuarial certificates each year.

"While we are a recognised leader in the wider Australian superannuation industry, this new offering adds to our existing range of products and services for SMSF trustees, accountants and advisers as they prepare for retirement," Mercer's managing director & market leader for Australia/New Zealand David Anderson said.

"Setting up an integrated and seamless platform with superMate, with the efficiencies of Mercer's automated in-house service, gives us the scale required to deliver a high quality, cost-efficient product."