Sunsuper

Last updated

Sunsuper
Company type Industry superannuation fund
IndustrySuperannuation
Founded1987
Defunct28 February 2022
FateMerged with QSuper to form the Australian Retirement Trust
Headquarters
Brisbane
,
Australia
Area served
Australia
Key people
Andrew Fraser, Chairman of the Board
Bernard Reilly, Chief Executive Officer
Brian Parker, Chief Economist
Ian Patrick, Chief Investment Officer

Sunsuper Superannuation Fund (Sunsuper) was an Australian public offer industry superannuation fund based in Brisbane, Queensland, Australia. It was established in 1987 as a multi-industry superannuation fund open to all workers and is profit-for-members. Sunsuper was the largest superannuation fund by membership in Queensland, with 1.3 million members and over 100,000 default employers. As at December 2020, it had more than A$79 billion in funds under management.

Contents

On 28 February 2022, Sunsuper and QSuper merged to become the Australian Retirement Trust. [1]

History

Sunsuper was established in 1987. In 1997, Sunsuper reached its first A$1 billion in funds under management (FUM). By 2007, FUM had grown to A$13 billion.

In February 2013, Sunsuper was awarded a MySuper authority. [2]

In November 2015, Sunsuper appointed new CIO - Ian Patrick. [3]

In April 2017, Sunsuper and Kinetic Super announced a merger. [4]

In March 2018, Sunsuper signed up for the Insurance in Superannuation Voluntary Code of Practice - to be compliant from 1 July 2018. [5]

In March 2019, Sunsuper and AustSafe Super merged.

In April 2019, Sunsuper merged with CBH Super. [6]

In May 2019, long-time CEO Scott Hartley stepped down after 5 years at the helm. [7]

In October 2019, Bernard Reilly was appointed as the new CEO of Sunsuper.

In November 2020, the IAG & NRMA Superannuation Plan merged with Sunsuper. [8]

In March 2021, Sunsuper and QSuper announced a merger. [9] Sunsuper and the Australia Post Superannuation Scheme (APSS) announced they will explore a merger. [10]

On 28 February 2022, the merger of QSuper and Sunsuper to become Australian Retirement Trust was finalised.

Governance

Sunsuper is run by a Trustee company called Sunsuper Pty Ltd. The Board of the trustee has equal representation of independent directors, member representatives and employer representatives. Three directors are appointed by the Queensland Chamber of Commerce and Industry Ltd, two directors by the Queensland Council of Unions and one director by the Australian Workers' Union of Employees, Queensland. The independent directors are appointed by the Board following nomination by either the member or employer representatives.

The Chairman of the Board is appointed for a two-year term and this position is rotated between the employer and the member representative directors. The normal term of appointment for a director is three years and may serve a maximum of four terms.

The Board is responsible for managing the fund, and ensures it operates in the best interests of all members and continues to comply with all legal requirements.

Sunsuper's shareholders and sponsors are Queensland Chamber of Commerce and Industry Ltd, the Queensland Council of Unions, and the Australian Workers' Union of Employees, Queensland.

Administration

Sunsuper owns and controls its fund administration. Insurance cover for members is provided through group life policies with insurers such as AIA Australia Limited.

Investments

Sunsuper manages its investments through a combination of in-house management and oversight of more than 40 external investment managers in Australia and major financial centres around the world.

In June 2008, Mercer was appointed as Sunsuper's investment consultant. [11] The contract was renewed for another three years in 2011. Custodial services are provided by State Street Australia Limited. [12]

Awards

Annual sponsorships

See also

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References

  1. ↑ "Biggest Merger In Super Industry Now Finalised". Australian Retirement Trust. Retrieved 23 March 2022.
  2. ↑ Bill Shorten (14 February 2013). "Sunsuper awarded first MySuper authority" . Retrieved 14 February 2013.
  3. ↑ "Sunsuper appoints new CIO". investmentmagazine.com.au. 4 November 2015. Retrieved 26 June 2018.
  4. ↑ Patten, Sally. "Sunsuper and Kinetic agree on $45 billion merger". AFP. Retrieved 27 September 2017.
  5. ↑ "Industry fund signs super code, slashes premiums". Financial Standard. Retrieved 26 June 2018.
  6. ↑ "Sunsuper, corporate super fund merge". 22 May 2019.
  7. ↑ "Sunsuper chief executive departs". Financial Standard. 31 May 2019. Retrieved 22 August 2019.
  8. ↑ "Home". iagnrmasuper.com.au.
  9. ↑ "Sunsuper and QSuper merger update | Sunsuper".
  10. ↑ "Sunsuper to explore merger with APSS ahead of combination with QSuper". 26 March 2021.
  11. ↑ "Sunsuper retains investment consultant Mercer".
  12. ↑ "How to manage billions".
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