Beverage company Fosters has outsourced the management and trusteeship its $270 million Fosters Group Superannuation Fund to the new entity Corporate Combined Superannuation (CCS) after a tender.

CCS was set up by Nicholas Brookes, the former chief of the Corporate Superannuation Association, late last year and launched its service offering last month. Fosters, which is CCS’s first major client, will retain its relationship with MLC Implemented Consulting for investments and Mercer for administration. The fund has, however, appointed CommInsure as its new insurer. It was previously self-insured. According to Margaret O’Halloran, Fosters super’s fund secretary, the burden of APRA licensing was “too difficult”. Brookes said that the CCS outsourcing solution allowed funds to retain their service providers, but would manage the ongoing relationship with suppliers. “We believe in free market competition and we will put pressure on suppliers continuously to drive down costs,” he said yesterday. “The central weakness of corporate master trusts is that they have a sole supplier for their admin platform. We want to embrace the best suppliers in admin and technology.” Brookes has drawn on his experience at the Corporate Superannuation Association to build CCS’s innovative model. The Association, now led by Liz Goddard and chair Mark Cerche, represents around $56 billion in assets. “I’ve looked at all sorts of trustee models and outsourcing arrangements, and most of these are passive. Our model avoids all the shortfalls of other models,” Brookes said.