ComSuper, the administrator of Commonwealth public sector super funds, is inviting tenders for a new IT platform to run its clients’ defined benefit schemes.
ComSuper aims to replace two legacy systems used in its administration of defined benefit schemes – a modified version of SyncSoft’s Capital and the internally-developed ComSAS – with one solution. “We want to move them on to one platform,” James Peterswald, ComSuper’s executive manager of IT strategic services, said. The software used in the administration of the Public Sector Superannuation accumulation plan (PSSap), Financial Synergy’s Acurity, is not out to tender. However, Peterswald said there was no reason why ComSuper “won’t look for accumulation scheme functionality in the new IT platform to provide us with options in this space in the future.” Traditionally, the modified Capital system had been used to administer the Military Super and Defence Force Retirement Defined Benefit schemes, while the internally-built system, ComSAS, was used for the civilian plans Commonwealth Superannuation Scheme and Public Sector Superannuation Scheme. Peterswald said these legacy systems were outdated. He said the government-owned administrator sought an IT system with the capability to determine the amount that a member will receive in their retirement, produce a statement of their entitlements and provides online tools to show members what their benefit will be. Ideally the system would also allow ComSuper to achieve the following: improved maintenance of records belonging to the members, employers and regulators involved with the schemes; efficient collection of contributions, submitted in various formats through numerous channels, from more than 250 employers; streamlined management of member accounts and payments processing, and the smooth transmission of statements. ComSuper would also consider products that use ‘rules engine’ technology to calculate benefit payments and minimise the impacts of legislative and regulatory change. ComSuper was allocated $35 million in capital funding through the recent Federal Budget to help implement the new platform, which is expected to cost approximately $20 million, Peterswald said, but a final cost would be negotiated with the chosen provider. “We’ll have to identify the solution first and then see where we stand.” Yesterday, ComSuper ran a request-for-tender workshop at its Belconnen office to introduce applicants to the 1,600-page tender document. ComSuper will not accept tenders from systems providers after July 15.
There is one investment area where Insignia’s $180 billion super arm has not lost money for the past 17 years, which is what it calls the insurance-related investments. The alternatives strategy is gaining popularity among asset owners due to its diversification benefit, but Insignia’s super and asset management investment chief Dan Farmer warns it is a space where investors can suffer if they “stumble in without doing the homework”.
Darcy SongJanuary 23, 2025
