Suncorp Wealth Management has  taken advantage of the Government’s  temporary waiver of capital loss
crystallisation  on successor fund
transfers to  dramatically simplify its
retirement  savings offerings, reducing
the number  of unit prices it cuts daily
from 1000 to 150. 

At last month’s launch of the  ‘Wealthsmart’ personal superannuation  and pension platforms, a host of other  efficiencies were outlined by Suncorp’s  general manager of superannuation and  investments, Vicki Doyle.  Prior to the Government’s concession  on capital losses, which was  extended by one year to 30 June 2011  in last month’s Federal Budget, there  were thirty legacy Asteron and Suncorp  superannuation and pension products. 

The consolidated ‘Wealthsmart’  series will have five products issuing  five product disclosure statements (21  previously) and two annual reports a  year (18 previously).  The decision to merge the legacy  offerings also gave Suncorp the opportunity  to rationalise its unit registry  systems from three down to one, with  Infocomp’s Composer system (which  was already installed on the Asteron  side) supplanting the old Superb and  Calibre systems which the Suncorp  legacy products had still been run on.