LGIAsuper invites family and friends of members to grow with them
20 June 2016
Legislation recently introduced by the Queensland Government means family and friends of LGIAsuper members and others in their communities will have the opportunity to join one of Australia’s most respected and strong-performing super funds.
In a move designed to bring greater choice to the superannuation market, under the new rules LGIAsuper will become what is known in the industry as a public offer fund, where new members outside Queensland local government employment can join wherever they work or live.
LGIAsuper Chair Bronwyn Morris said obtaining a license to become an inclusive and open fund is a defining moment in LGIAsuper’s evolution and presents an opportunity to actively respond to the challenges ahead and position the fund for growth.
“Like all funds, LGIAsuper operates in an ever-changing and increasingly competitive environment where retention and growth are vital to its success.”
“An ageing population, continued economic and investment uncertainty, significant government reform and disruption through digital technologies are some of the many challenges confronting the industry and threatening the traditional way of doing business.”
“Many of our members and their partners joined our fund when they first started working for a local government or associated employer and stayed with us long after they left.”
“In fact, more than half our members no longer work for Queensland local government but choose to stay with LGIAsuper when they change jobs or leave employment and often ask us if their friends and relatives can join the fund too,” she said.
“Opening up our fund to the communities we are already so deeply embedded in makes sense to us and we applaud the Queensland Government on its recent decision”, Ms Morris said.
The new legislation will enable LGIAsuper to remain the default fund for Queensland local government employees and the fund of choice for all existing and new members.
According to Chief Executive Officer, David Todd, it will also give the fund the opportunity to broaden its connections and nurture new partnerships with families and friends of existing members and others in the communities they live and work in.
“As an industry-leading and progressive super fund we know that carefully managed growth will ultimately benefit all our members, now and in the future.”
“By broadening our reach to new members in communities everywhere, changing our name and partnering with reigning National Rugby League Premiers the North Queensland Cowboys – through which we have increasingly strengthened our community connections – we are taking the necessary steps to position ourselves for the growth opportunities ahead”, he said.
“As we grow, it’s important members know that extending LGIAsuper’s membership beyond its existing base will not impact the fees they pay, the way their money is invested or the fund’s structure.”
“We will remain the same great fund that’s 100% committed to improving the financial outcomes and retirement incomes of all our members and continue to deliver secure services members can trust and industry-leading performance that is consistently reliable.”
“Your family and friends can soon join one of Australia’s oldest and most trusted superannuation funds. Come grow with us and be a part of our strong future”, Mr Todd said.
Founded in 1965, LGIAsuper today looks after almost $9.5 billion in retirement savings for around 90,000 members. For more information about the fund, read LGIAsuper's profile.
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For more information please contact:
Brett Barber, Chief Digital Officer, LGIAsuper 07 3244 4375