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.
