By Kate Farrar, Chief Executive Officer, LGIAsuper
29 September 2021
It has been three months since LGIAsuper’s merger with Energy Super, and we have made excellent progress bringing our two funds together.
We have been integrating our teams and systems, creating the cost efficiencies that we’ve been aiming for. This is already helping us deliver better services and lower costs for all our members.
This brings me on to some good news – we have removed our weekly administration fee. From 30 September 2021, members will no longer pay the $1 per week administration fee, and instead will only pay the annual percentage-based fee (0.18% of an account balance).
Removing the weekly administration fee can leave more money in your account to grow for your retirement. Full details of this fee reduction will be sent to all members soon.
I am incredibly proud of the work done by both funds’ teams to create our newly merged fund. We’re now a strong Queensland-based fund of $24 billion, managed on behalf of 123,000 member accounts*. We are still a profit-for-members fund, with no shareholders, where our members always come first.
We have also been working on the next stage in our fund’s growth – our acquisition of Suncorp’s superannuation business, Suncorp Portfolio Services Limited (SPSL). The acquisition of SPSL is due to be completed in the first half of 2022. We will keep members updated on the progress of this exciting opportunity for our fund.
Back on the road
I am delighted that our workplace events are happening in-person again. I recently presented at four workplace events in Townsville and Cairns, and it was good to spend time with many of our members in those regions. Talking with members about their needs and aspirations helps me and my team to deliver a better service.
Online seminars and video calls have enabled us to adapt to the restrictions and stay connected to each other. It’s been good to see how popular these online channels have been. Now that we can offer a choice of both online and in-person events, more members will be able to connect with our team than before.
Our team and systems continue to be well-prepared and ready for the challenges of COVID-19. Throughout all the recent lockdown and restrictions, we have stayed focused on staying open, operational, and minimising disruption to members.
Better member outcomes
This year’s superannuation reforms by the Government have been aimed at delivering better outcomes for members. As a profit-for-members fund, LGIAsuper is supportive of changes that benefit our members.
The new annual assessment of MySuper products (and other products from next year) will help members make informed choices about their super. I was pleased to see that LGIAsuper’s MySuper product passed this year’s inaugural test as we continue to deliver solid long-term returns for our members.
Find out more about the Government’s reforms and what they mean for you.
We’re here to help
LGIAsuper’s team of superannuation specialists and financial advisers are here to guide our members through this period of change and growth.
If you have any questions about our newly merged fund, or anything regarding your superannuation, please contact us on 1800 444 396
* Combined figures from both funds, as at 1 July 2021.