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 Peterswald said these legacy systems were outdated.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.
The role of IFM Investors in arranging a visit by a delegation of Australian super funds to the US last month gives a pointer to the scale of the longer-term ambitions of the global super-fund-owned asset manager, and a recent investment in the manager by the UK pension fund NEST is designed to give it even greater clout. IFM chair Cath Bowtell tells Investment Magazine the manager aims to be a partner to governments around the world as they seek capital to build critical infrastructure.
Glenda KorporaalMarch 21, 2025
