New partnership set to assist in driving Prime Super’s growth agenda
Prime Super, Australia’s only national super fund for rural and regional Australia, has agreed in principle to appoint global financial services firm Russell Investments to deliver administrative services to the fund’s 150,000 members, transferring from current provider Pillar Administration.
The new partnership, proposed to begin on 1 January 2012, will allow Prime Super to further strengthen its member and employer services with the addition of some new features.
The new initiatives include intra-fund financial planning for members wanting to discuss investment strategies, insurance, and contribution strategies, ATM access for Prime Super’s pension product and a strong member education program.
Lachlan Baird, CEO of Prime Super, said that while Pillar had provided good service and support to the fund over their eight year partnership, the additional services offered by Russell, and their technological edge, were necessary to help grow the fund.
“The decision to change administrators was not an easy one and we have undertaken a highly competitive and detailed tender process. We’ve also had a good relationship with Pillar over the life of the contract.
“Given our significant growth agenda we felt Russell’s leading edge administration model was best suited to help us achieve our goals,” Baird said.
Mark Blair, Russell’s Managing Director, Industry and Government Funds, said Russell was committed to help Prime Super drive further growth and develop more and targeted member-orientated solutions.
“We developed our administration model so that it can be tailored to the specific requirements of Australia’s largest superannuation funds”, Blair said. “We look forward to working in partnership with Prime Super to meet the individual needs of the Fund and its members.”
Driving growth and efficiencies through innovation
Baird indicated that Russell’s technology package will enhance the operations of the fund and enable Prime Super to significantly improve its online service offering to members and employers.
Russell’s data reporting capabilities were also viewed as a strength and will enable Prime Super more efficient access to fund data and assist with the decision making process for business development opportunities.
“Russell has provided us with a highly consultative approach from the outset. We have been impressed with their strong focus on member needs and innovative solutions.
“A transition plan is now in progress to formalise Prime Super’s in principle decision and we will be working closely with Pillar and Russell to ensure that members and employers have as few interruptions to service as possible during the changeover.” Baird concluded.