AvSuper selects Mercer as administrator of its pension fund
Aviation superannuation firm AvSuper has appointed Mercer as its retirement scheme administrator, following the agreement of a strategic partnership between the two firms. The move represents a much-celebrated foray into the Wollongong market for Mercer, according to senior executives at the firm.
AvSuper is a member-based fund for the aviation and aviation services sector across Australia. Alongside a share in the fund, members at AvSuper receive a variety of benefits such as personalised financial services and advisory services, as well as access to information about superannuation.
The Administration Services arm of global HR consulting giant Mercer has now been brought on board to manage the pension administration for the company, which entails functions such as processing account contributions, executing benefit payments and issuing member statements. The firm was selected following a competitive tender process in which it fended off several global and local rivals.
According to AvSuper, Mercer “has the flexibility, capability and capacity to deliver a bespoke solution based on our unique needs, now and in the future.” The two companies are currently working on a smooth transition of administration responsibilities.
The press release by AvSuper further stated: “We are excited by the increased technology options that we expect to streamline processes for our members and that this change is predicted to significantly benefit our members.”
According to Mercer CEO Ben Walsh, the firm’s international standing and pool of expertise makes it a good fit for AvSuper. “As a major superannuation provider in Australia and a leading retirement and investment consultant internationally, we have local expertise and scale to drive strong results for clients and members,” he said.
The news marks Mercer’s first major client in the Wollongong region, to the delight of Craig Rice, Head of Mercer Administration Services. “For us here in Wollongong, this is the first new client that we've had for a number of years. We're open for business in Wollongong and this is great news.”
He continued: “It also supports the fact that we are actively bidding for other new businesses and we believe our operations here has got a great proposition that trustees will find very valuable.”
Back in 2016, Mercer significantly ramped up its superannuation and pension capabilities in Australia with the acquisition of Pillar Administration.
