The two consultancies which will run what is likely to be 2010’s biggest superannuation administration tender have been finalised.
The Commonwealth Department of Finance wants to separate the administration of PSS Accumulation Plan (PSSAp) from the defined benefit funds which make up the rest of ComSuper’s public sector fund clientele.
The Department, under outgoing Minister Lindsay Tamner, has decided that the tender to decide on an alternative to Comsuper as PSSAp administrator will be lead by SuperRatings, the ratings agency founded and run by Jeff Bresnahan.
The tender, which is expected to decide the new administrator for the 85,000-member fund before the end of this year, will be assisted by KPMG.
Last week, ComSuper got a new chief in Peter Cormack, replacing Leo Bator as Commisioner of Superannuation upon completion of his eight year term.
Cormack is a former chief executive of Pillar Administration, the NSW Government-owned super administrator which is expected to be a keen bidder for the PSSAp business.
Another interested party will be Mercer, which last week succeeded in winning the contract to service MediaSuper away from Pillar Administration.