The chief executives of Equipsuper and Non-Government Schools Super have thrown their support behind SunSuper’s acquisition of all three funds’ administrator, CSA Retirement Services (formerly Citistreet), although some industry observers wonder for how long.
Equipsuper CEO Robin Burns said his 50,000-member fund’s contract with CSA did not run out “for a long time” and would not be reviewed before it did. He played down any concern that Equipsuper would effectively be administered by a competitor super fund. “Yes we are both public offer funds but we’ve got different niches and strengths in different parts of the country.
Admin is really there as the support for all the other different things you can do for your members, and in fact I’ll think we’ll be better served by having an administrator that’s dedicated to the same business that we are in,” Burns said. “[Prior to ING] the ownership of CSA was of course a joint venture of overseas parents which created a degree of uncertainty.” Burns said Equipsuper was no stranger to having its administration run by an organisation that also competed with it, pointing out that Mercer was the incumbent prior to CSA and that its service had not been compromised.