Equipsuper and Non-Government Schools Super are understood to be reviewing their administrator options, after their incumbent provider, CSA Retirement Services (formerly CitiStreet), was bought by SunSuper last November.
At the time of the sale, the chief executives of both funds told I&T News that they supported SunSuper’s acquisition, and did not plan to seek a new administrator, despite concerns from industry observers, such as Frank Gullone, head of consultancy Gullone Group and former boss of SuperPartners, that future system changes at CSA would prioritise SunSuper’s needs.
It is now understood that Equipsuper, with the help of consultants The Heron Partnership, and NGS Super, under the advice of Rice Warner, are looking at potential replacements for CSA, which will be known as Precision Administration Services by the end of the month.
NGS Super chief executive, Antony Rodwell-Ball, said the fund’s contract with CSA would be up on June 30, and that it was prudent to be looking to the market to see what else was available, though he declined to confirm whether a formal tender was underway.
“They have been our administrator for ten years, and we have been very happy with their service,” he said. “SunSuper’s agreement with SunGard [a software a processing solutions provider] shows that they are committed to investing in and improving the business.”
Robin Burns, chief executive of Equipsuper, told I&T News in November that his fund’s contract with CSA did not run out “for a long time,” and that it would not be reviewed before it did. Burns was unavailable at presstime for comment.